Big data innovation among payments companies has plummeted over the past three months
Big data research and innovation in banks, payment providers, card programs and processors has declined over the past year.
The latest figures show that the number of big data-related patent applications in the industry stood at 37 in the three months to June, compared to 46 in the same period in 2021.
Big data-related granted patent figures followed a similar trend to filings – rising from 45 in the three months ending June 2021 to 41 in the same period in 2022.
The figures are compiled by GlobalData, which tracks 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 subject areas and linked to key companies in various industries.
Big Data is one of the key areas tracked by GlobalData. It has been identified as a key disruptive force that companies will face in the years to come, and it is one of the areas where companies currently investing resources should reap rewards.
The numbers also provide insight into the biggest innovators in the industry.
Capital One Financial Corp was the leading big data innovator across banks, payment providers, card programs and processors in the past quarter. The US-headquartered company filed 10 big data-related patents in the three months to June. This was up from 4 over the same period in 2021.
It was followed by US-based Bank of America Corp with 5 big data patent applications, US-based Mastercard Inc (3 applications), and US-based JPMorgan Chase & Co (3 requests).