The banking and payments industry continues to be a hotbed of innovation owing to ever-changing consumer expectations. The rapid technological developments in the areas of banking and payments that aim to offer seamless experience to consumers is now becoming even more vital for industry participants as competitors leverage new technologies such as artificial intelligence, Internet of Things, cybersecurity, and embedded finance as they compete to stay relevant and grow in the market. In the last three years alone, there have been over 92,000 patents filed and granted in the banking industry, according to GlobalData’s report on Robotic process automation in Banking: IM trading platforms.

According to GlobalData’s Technology Foresights, which uses over 195,000 patents to analyse innovation intensity for the banking industry, there are 60+ innovation areas that will shape the future of the industry.

IM trading platforms is a key innovation area in robotic process automation

Instant Messaging (IM) is a text-based communication application which is used for trading in financial markets. Traders are increasingly using IM tools to create a private conversation with clients and to provide them with market updates. However, usage of such tools is increasing security and compliance risks for financial companies.

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 10 companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of IM trading platforms.

Key players in IM trading platforms – a disruptive innovation in the banking industry

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

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

Patent volumes related to IM trading platforms

Company Total patents (2010 - 2021) Premium intelligence on the world's largest companies
Headwater Research 191 Unlock company profile
Headwater Partners I 180 Unlock company profile
Deephaven Data Labs 94 Unlock company profile
Broadcom 81 Unlock company profile
Macerich 25 Unlock company profile
Hitachi 15 Unlock company profile
Japan Exchange Group 15 Unlock company profile
CME Group 9 Unlock company profile
Illumon 7 Unlock company profile
Intercontinental Exchange 6 Unlock company profile

Source: GlobalData Patent Analytics

Headwater Research, Deephaven Data Labs, Broadcom, The Macerich and Japan Exchange Group are some of the key patent filers in the IM trading platforms space. Several patents have been filed in this field related to systems and apparatuses for securely communicating issuer updates.

In terms of application diversity, Deephaven Data Labs leads the pack. Illumon and The Macerich stood in the second and third positions respectively. By means of geographic reach, Headwater Partners holds the top position followed by The Macerich and Japan Exchange Group.

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

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.