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: targeted marketing 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.

Targeted marketing platforms is a key innovation area in robotic process automation

Targeted marketing is a process that allows to offer customised online advertising based on the data obtained on some intended audience. The ads are designed based on the particular traits, interests, and preferences of the target audience. This approach allows financial institutions to provide customised product and service offerings to consumers.

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 50 companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of targeted marketing platforms.

Key players in targeted marketing 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 targeted marketing platforms

Company Total patents (2010 - 2021) Premium intelligence on the world's largest companies
Nant Holdings Ip 210 Unlock company profile
Nuro 113 Unlock company profile
Walmart 108 Unlock company profile
PayPal Holdings 97 Unlock company profile
Memjet Technology 97 Unlock company profile
Alphabet 96 Unlock company profile
Dynamics 93 Unlock company profile
Signature Systems 89 Unlock company profile
Givewith 80 Unlock company profile
Rpx 75 Unlock company profile
Visa 57 Unlock company profile
Groupon 55 Unlock company profile
Bank of America 50 Unlock company profile
comScore 42 Unlock company profile
Meta Platforms 40 Unlock company profile
American Express 38 Unlock company profile
Toshiba 35 Unlock company profile
Dominion Harbor Enterprises 33 Unlock company profile
SITO Mobile 26 Unlock company profile
Mastercard 24 Unlock company profile
Microsoft 23 Unlock company profile
Amazon.com 22 Unlock company profile
Proximic 21 Unlock company profile
Thryv Holdings 18 Unlock company profile
PLUNKETTS PEST CONTROL 18 Unlock company profile
Quotient Technology 16 Unlock company profile
INVIDI Technologies 16 Unlock company profile
Gula Consulting Liability Company 16 Unlock company profile
eBay 15 Unlock company profile
Samsung Group 14 Unlock company profile
Capital One Financial 13 Unlock company profile
Sony Group 12 Unlock company profile
Digimarc 11 Unlock company profile
JPMorgan Chase 11 Unlock company profile
FitStar Labs 11 Unlock company profile
Intel 10 Unlock company profile
Block 9 Unlock company profile
Qualcomm 8 Unlock company profile
Eclipse Ip 8 Unlock company profile
Zume 7 Unlock company profile
ReviverMx 7 Unlock company profile
Cubic 7 Unlock company profile
Coca-Cola Enterprises Great Britain 7 Unlock company profile
edatanetworks 6 Unlock company profile
Kochava 6 Unlock company profile
Spoqa 6 Unlock company profile
SoftBank Group 5 Unlock company profile
Stryker 5 Unlock company profile
IoTecha 5 Unlock company profile
Verizon Media 5 Unlock company profile

Source: GlobalData Patent Analytics

Walmart is one of the leading companies in the area of targeted marketing. The company effectively uses the online and in-store shopping information collected and designs advertising strategies to drive more sales. It also uses a location-based marketing strategy to collect, understand and analyse customer shopping patterns. Some other key players in this space include Nant Holdings, Nuro, PayPal, Memjet Technology, and Alphabet.

In terms of application diversity, SITO Mobile leads the pack. Memjet Technology and FitStar Labs stood in the second and third positions respectively. By means of geographic reach, Intel holds the top position followed by Kochava and Qualcomm

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.