Patents
Patent applications related to artificial intelligence witnessed 22% average annual growth in the retail banking industry since 2020
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The global retail banking industry experienced a 22% annual average growth rate (AAGR) in the number of artificial intelligence-related patent applications between 2020 and 2022. The total number of artificial intelligence-related grants increased by an AAGR of 33% during the same period, according to GlobalData's patent analytics database.
Notably, the number of artificial intelligence-related patent applications in the retail banking industry was 1,096 since 2020, while 528 applications were granted.
The top five assignees by filings accounted for 40% of patent applications
Analysis of patent applications by assignee shows that Capital One Financial filed the most artificial intelligence patents within the retail banking industry since 2020. The company filed 143 artificial intelligence-related patents since 2020.
It was followed by Bank of America (42 applications), China Investment (34 applications), State Farm Mutual Automobile Insurance (29 applications) and Mastercard (25 applications).
The top five assignees by grants accounted for 46% of successful patent grants
Analysis of patent grants by assignee shows that Capital One Financial was granted 84 patents related to artificial intelligence within the retail banking industry since 2020. It was followed by State Farm Mutual Automobile Insurance (39 grants), Wells Fargo (24 grants), Bank of America (18 grants) and Block (17 grants).
Patent activity was driven by the US with a 72% share of total patent publications
The largest share of artificial intelligence-related patent publications in the retail banking industry since 2020 was held by the US with 72%, followed by China (23%) and South Korea (2%).
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Patents Analytics tracks patent filings and grants from official patent offices around the world. Proprietary 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.
