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 Innovation in banking: mobile check deposit processing. 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

Mobile check deposit processing is a key innovation area in banking

Mobile check deposit processing refers to the process of depositing a check into a bank account through a mobile device by capturing an image of the check using the device's camera and transmitting the image to a financial institution's system for verification and processing.

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 30+ companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of mobile check deposit processing.

Key players in mobile check deposit processing – 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 mobile check deposit processing

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
Nant 220 Unlock Company Profile
Enlitic 93 Unlock Company Profile
Mitek Systems 90 Unlock Company Profile
Memjet Technology 68 Unlock Company Profile
Alphabet 56 Unlock Company Profile
USAA 40 Unlock Company Profile
Bank of America 32 Unlock Company Profile
Crane 28 Unlock Company Profile
Seiko Epson 19 Unlock Company Profile
Clearlake Capital Group 13 Unlock Company Profile
iProov 12 Unlock Company Profile
Evryx Acquisition 12 Unlock Company Profile
Qualcomm 11 Unlock Company Profile
MacAndrews & Forbes 11 Unlock Company Profile
Jumio 9 Unlock Company Profile
IMAGR 7 Unlock Company Profile
JPMorgan Chase 7 Unlock Company Profile
Toshiba 6 Unlock Company Profile
Wells Fargo 5 Unlock Company Profile
Chengdu Santai Electronics Industry 4 Unlock Company Profile
Anoto Group 3 Unlock Company Profile
First Datacorp 3 Unlock Company Profile
Top Image Systems Japan 2 Unlock Company Profile
Evryx Technologies 2 Unlock Company Profile
Top Image Systems Deutschland 2 Unlock Company Profile
Top Image Systems (Singapore) 2 Unlock Company Profile
Top Image Systems (Asia Pacific) 2 Unlock Company Profile
TIS Americas 2 Unlock Company Profile
Top Image Systems U.K. 2 Unlock Company Profile
T.I.S. AMERICA 2 Unlock Company Profile
Ambir Technology 2 Unlock Company Profile
EDGE Mobile Payments 1 Unlock Company Profile
Chengdu Santai 1 Unlock Company Profile
Furukawa 1 Unlock Company Profile
NCR 1 Unlock Company Profile
Zamtec 1 Unlock Company Profile
Burroughs 1 Unlock Company Profile

Source: GlobalData Patent Analytics

Nant is one of the leading patent filers in technologies associated with mobile check deposit processing. The company filed several patents related to image capture, identification, and recognition systems and processes involving mobile device sensors and software to obtain and analyze the digital representation of a product object such as check and facilitate remote processing of check deposits accordingly. Enlitic, Mitek Systems, and Memjet Technology are some of the other key patent filers in the mobile check deposit processing space.

In terms of application diversity, Memjet Technology held the top position, while Anoto Group and Zamtec stood in second and third positions, respectively. By means of geographic reach, Enlitic leads the pack, followed by Memjet Technology and Nant.

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.