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August 16, 2022

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

Analysis of patent filings shows a shrinking level of robotics related applications in the industry over the past three months, compared to last year

By Data Journalism Team

Research and innovation in robotics 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 robotics related patent applications in the industry stood at 7 in the three months ending June – down from 35 over the same period in 2021.

Figures for patent grants related to robotics followed a similar pattern to filings – shrinking from 24 in the three months ending June 2021 to 14 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.

Robotics 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 robotics 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 3 robotics related patents in the three months ending June. That was down from 6 over the same period in 2021.

It was followed by the United States based Bank of America Corp with 1 robotics patent application, Taiwan based CTBC Financial Holding Co Ltd (1 application), and the United States based The Allstate Corp (1 application).

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