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 cybersecurity. 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 Cloud in banking: e-transaction user interfaces. Buy the report here.
According to GlobalData’s Technology Foresights, which uses over 165,000 patents to analyze innovation intensity for the banking industry, there are 30+ innovation areas that will shape the future of the industry.
e-transaction user interfaces is a key innovation area in cloud
e-transaction user interfaces refer to the graphical user interfaces (GUIs) and methods used for conducting electronic transactions. These interfaces provide a user-friendly experience and enable users to perform various actions such as selecting payers/payees, specifying transaction amounts and funding sources, managing transfers, and displaying relevant information.
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 180+ companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of e-transaction user interfaces.
Key players in e-transaction user interfaces – 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 e-transaction user interfaces
Source: GlobalData Patent Analytics
Among the companies innovating in e-transaction user interfaces, Licentia Group is one of the leading patent filers. Licentia Group is an intellectual property (IP) licensing and technology services provider based in the UK. It has filed several patents related to advanced user verification, authentication, and approval procedures and systems. Seiko Epson, Intel, and Memjet Technology are some of the other leading innovators in the e-transaction user interfaces space.
In terms of application diversity, Alphabet held the top position, while Canadian National Railway and Toshiba stood in second and third positions, respectively. By means of geographic reach, Licentia Group leads the pack, followed by Intel and West View Research.
To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Cloud Computing in Banking.