Research and innovation in artificial intelligence in the major banks, central banks, and non-bank competitors sector has declined in the last year.

The most recent figures show that the number of AI related patent applications in the industry stood at 556 in the three months ending June – down from 1071 over the same period in 2021.

Figures for patent grants related to AI followed a different pattern to filings – growing from 259 in the three months ending June 2021 to 278 in the same period in 2022.

The figures are compiled by GlobalData, who track patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas, and linked to key companies across various industries.

AI is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from.

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By GlobalData

The figures also provide an insight into the largest innovators in the sector.

Ping An Insurance (Group) Company of China Ltd was the top AI innovator in the major banks, central banks, and non-bank competitors sector in the latest quarter. The company, which has its headquarters in China, filed 183 AI related patents in the three months ending June. That was down from 489 over the same period in 2021.

It was followed by the United States based Capital One Financial Corp with 95 AI patent applications, the United States based Bank of America Corp (43 applications), and the United States based PayPal Holdings Inc (41 applications).

Bank of Montreal has recently ramped up R&D in AI. It saw growth of 80% in related patent applications in the three months ending June compared to the same period in 2021 - the highest percentage growth out of all companies tracked with more than 10 quarterly patents in the major banks, central banks, and non-bank competitors sector.