The banking industry continues to be a hotbed of patent innovation. Activity is driven by digitalization, enhanced security, operational efficiency, ever changing consumer expectations, and growing importance of technologies such as artificial intelligence (AI), Internet of Things (IoT), and cyber security. In the last three years alone, there have been over 129,000 patents filed and granted in the banking industry, according to GlobalData’s report on Innovation in banking: automated banking machines. Buy the report here.

However, not all innovations are equal and nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before finally stabilizing and reaching maturity.

Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.

30+ innovations will shape the banking industry

According to GlobalData’s Technology Foresights, which plots the S-curve for the banking industry using innovation intensity models built on over 165,000 patents, there are 30+ innovation areas that will shape the future of the industry.

Within the emerging innovation stage, AR/VR trading platforms and mortgage servicing risk management are disruptive technologies that are in the early stages of application and should be tracked closely. Voice payments, cashless settlement and asynchronous distributed payments are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are IM trading platforms and UWB-enabled payments, which are now well established in the industry.

Innovation S-curve for the banking industry

Automated banking machines is a key innovation area in banking

Automated banking machines, commonly referred to as ATMs, are self-service financial transaction terminals that allow users to perform a variety of banking transactions without the need for human assistance. These machines are equipped with computer hardware and software that enable users to access their bank accounts, withdraw cash, deposit funds, transfer money, check account balances, and perform other financial transactions electronically. ATMs provide convenient and secure banking services, allowing users to perform transactions outside of traditional banking hours and locations.

GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 150 companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of automated banking machines.

Key players in automated banking machines – a disruptive innovation in the banking industry

‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.   

‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.  

Patent volumes related to automated banking machines

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
Diebold Nixdorf 882 Unlock Company Profile
Bank of America 312 Unlock Company Profile
Capital One Financial 297 Unlock Company Profile
NCR 217 Unlock Company Profile
Glory 172 Unlock Company Profile
U.S. Bancorp 161 Unlock Company Profile
Mastercard 150 Unlock Company Profile
Hitachi 75 Unlock Company Profile
JPMorgan Chase 68 Unlock Company Profile
PayPal 67 Unlock Company Profile
Wells Fargo 63 Unlock Company Profile
Guangzhou Radio Group 54 Unlock Company Profile
Oki Electric Industry 47 Unlock Company Profile
The Toronto-Dominion Bank 44 Unlock Company Profile
Visa 41 Unlock Company Profile
Crane NXT 38 Unlock Company Profile
Crane 38 Unlock Company Profile
The Western Union 35 Unlock Company Profile
International Business Machines 35 Unlock Company Profile
Hyosung TNS 26 Unlock Company Profile
Sony Group 26 Unlock Company Profile
Citigroup 25 Unlock Company Profile
NEC 25 Unlock Company Profile
Atec 23 Unlock Company Profile
American Express 22 Unlock Company Profile
Furukawa 21 Unlock Company Profile
Novomatic 21 Unlock Company Profile
LG 20 Unlock Company Profile
Hyosung 19 Unlock Company Profile
Fiserv 18 Unlock Company Profile
AT&T 18 Unlock Company Profile
Outerwall 17 Unlock Company Profile
Honeywell International 17 Unlock Company Profile
Everi 17 Unlock Company Profile
Tecnologia Bancaria 16 Unlock Company Profile
BBVA 16 Unlock Company Profile
Gelliner 15 Unlock Company Profile
Japan Cash Machine 14 Unlock Company Profile
Cubic 13 Unlock Company Profile
Phoenix Interactive Design 13 Unlock Company Profile
Tata Sons 12 Unlock Company Profile
Harex Infotech 11 Unlock Company Profile
Fidelity National Information Services 11 Unlock Company Profile
Korala Associates 10 Unlock Company Profile
USAA 10 Unlock Company Profile
Sharp 9 Unlock Company Profile
Princeton Identity 9 Unlock Company Profile
Mitsubishi UFJ Financial Group 9 Unlock Company Profile
Beijing Electronics 9 Unlock Company Profile
SOCASH 9 Unlock Company Profile

Source: GlobalData Patent Analytics

Diebold Nixdorf is one of the leading patent filers in automated banking machines. Diebold Nixdorf is a provider of end-to-end hardware, software and services for the banking industry. DN SeriesTM is a family of industry-leading ATM solutions provided by the company. Lobby, Through-the-Wall (TTW), Outdoor Walk Up, Outdoor Drive Up, and Island Multi-Function are some of the most advanced and compact ATM solutions offered by the company.

Bank of America, Capital One Financial, and NCR are some of the other key patent filers in automated banking machines.

In terms of application diversity, Princeton Identity held the top position, while Cubic and Beijing Electronics stood in second and third positions, respectively. By means of geographic reach, AT&T leads the pack, followed by BBVA and Gelliner.

To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Banking

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.