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February 12, 2022

Future of work innovation among retail banking industry companies has dropped off in the last year

By Michael Goodier

Research and innovation in future of work 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 Future of Work related patent applications in the industry stood at 12 in the three months ending December – down from 21 over the same period in 2020.

Figures for patent grants related to Future of Work followed a different pattern to filings – growing from six in the three months ending December last year to nine in 2021.

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.

Future of Work 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 concept covers innovations in technology that affect the workplace. This includes collaboration tools, automation (using machines to complement human labour), and networked devices to improve communication.

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

Bank of America was the top Future of Work innovator in the major banks, central banks, and non-bank competitors sector in the last quarter. The company filed 12 Future of Work related patents in the three months ending December. That was up from nine over the same period last year.

It was followed by the US Capital One with 10 Future of Work patent applications, Canada based Toronto-Dominion Bank (3 applications), and the US based PayPal (2 applications).

Bank of America has recently ramped up R&D in Future of Work. It saw growth of 25% in related patent applications in the three months ending December compared to the same period in 2020 - the highest percentage growth out of all companies tracked with more than 10 quarterly patents in the major banks, central banks, and non-bank competitors sector.

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