fintech innovation retail banking sector

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Fintech research and innovation across major banks, central banks, and the non-bank competitor sector has declined over the past year.

The latest figures show the number of fintech-related patent applications in the industry stood at 675 in the three months to July, compared to 1,360 in the same period of 2021.

Fintech-related granted patent figures followed a similar trend to filings – rising from 616 in the three months ending July 2021 to 518 in the same period in 2022.

The figures are compiled by GlobalData, which tracks 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 subject areas and linked to key companies in various industries.

Fintech is one of the key areas tracked by GlobalData. It has been identified as a key disruptive force that companies will face in the years to come, and it is one of the areas where companies currently investing resources should reap rewards.

The numbers also provide insight into the biggest innovators in the industry.

Capital One Financial Corp has been the leading fintech innovator among major banks, central banks and non-bank competitors in the past quarter. The US-headquartered company filed 144 fintech-related patents in the three months to July. This figure was down from 256 over the same period in 2021.

It was followed by US-based Visa Inc with 108 fintech patent applications, US-based Mastercard Inc (78 applications), and China-based Ping An Insurance (Group) Company of China Ltd ( 58 requests).

KB Financial Group Inc has recently accelerated R&D in the area of ​​fintech. It saw 90.9% growth in related patent applications in the three months ending July compared to the same period in 2021 – the highest percentage growth of any company tracked with more than 10 patents quarterly in the major banks, central banks and non-banking competitors sector.

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