finance

Big data innovation among retail banking industry companies has dropped off in the last three months

Written by IhebQld

Research and innovation in big data in the major banks, central banks, and non-bank competitors sector has declined in the last year.

The most recent figures show that the number of big data related patent applications in the industry stood at 64 in the three months ending June – down from 113 over the same period in 2021.

Figures for patent grants related to big data followed a similar pattern to filings – shrinking from 66 in the three months ending June 2021 to 45 in the same period in 2022.

The figures are compiled by GlobalData, who track patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas, and linked to key companies across various industries.

Big data is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from.

The figures also provide an insight into the largest innovators in the sector.

Ping An Insurance (Group) Company of China Ltd was the top big data innovator in the major banks, central banks, and non-bank competitors sector in the latest quarter. The company, which has its headquarters in China, filed 25 big data related patents in the three months ending June. That was down from 58 over the same period in 2021.

It was followed by the United States based Capital One Financial Corp with 10 big data patent applications, the United States based Bank of America Corp (5 applications), and the United States based JPMorgan Chase & Co (3 applications).

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