Patents signal: sharp drop in banking and payments patent activity in Q2

Digital banking, online payments, cyber and AI all register double digit drops in patent applications in Q2

Each week, RBI’s journalists analyse data on patent filings and grants that illustrate innovation trends in our sector. These patent signals show where the leading companies are focusing their research and development investment, and why. We uncover key innovation areas in the sector and the themes that drive them.

This new, thematic patents coverage is powered by our underlying Disruptor data which tracks all major deals, patents, company filings, hiring patterns and social media buzz across our sectors.

According to GlobalData’s patents analytics tool patents activity is down sharply across the banking and payments sector in the second quarter.

Fintech remains the most active sector by patents activity but banking and sector patent applications are down by 19% in the second quarter y-o-y. Digital banking patent applications are down by 20% y-o-y in Q2 with digital patents granted down by 12%. Online payments remain the third most active patents sector but again there is a sharp drop in Q2 compared with the year ago quarter. Online payments patent applications are down by 19% with patent grants down by 12%.

Banking and payments patents by theme Q2 2023

Cybersecurity patent applications are down by 32% with patent grants down by 17%.

Patent applications across banking and payments for AI remains the fifth most active sector but even here, there is a sharp reduction. AI patent applications are down by 28% with patents granted in AI down by 5%.

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