Research and innovation in artificial intelligence in the major banks, central banks, and non-bank competitors sector is on the rise.
The most recent figures show that the number of AI patent applications in the industry stood at 372 in the three months ending September – up from 264 over the same period last year.
Figures for patent grants related to AI followed a different pattern to filings – growing from 161 in the three months ending September last year to 135 this year.
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.
The figures also provide an insight into the largest innovators in the sector.
Capital One Financial Corp was the top artificial intelligence innovator in the major banks, central banks, and non-bank competitors sector in the last quarter. The company, which has its headquarters in the United States, filed 278 AI related patents in the three months ending September. That was up from 178 over the same period last year.
It was followed by the China based Ping An Insurance (Group) Company of China Ltd with 158 AI patent applications, the United States based Bank of America Corp (114 applications), and the United States based Visa Inc (50 applications).
Ping An Insurance (Group) Company of China Ltd has recently ramped up R&D in artificial intelligence. It saw growth of 72.2% in related patent applications in the three months ending September compared to the same period last year - 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.