The banking industry continues to be a hotbed of patent innovation. Activity is driven by digitalization, enhanced security, operational efficiency, ever changing consumer expectations, and growing importance of technologies such as artificial intelligence (AI), Internet of Things (IoT), and cybersecurity. In the last three years alone, there have been over 5,000 patents filed and granted in the banking industry, according to GlobalData’s report on Cybersecurity in banking: tokenized asset management. Buy the report here.
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However, not all innovations are equal and nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before finally stabilizing and reaching maturity.
Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.
35+ innovations will shape the banking industry
According to GlobalData’s Technology Foresights, which plots the S-curve for the banking industry using innovation intensity models built on over 176,000 patents, there are 35+ innovation areas that will shape the future of the industry.
Within the emerging innovation stage, distributed ledger transactions is the disruptive technology that is in the early stages of application and should be tracked closely. Geofenced transactions, embedded secure elements, and voice-based authentication are some of the accelerating innovation areas, where adoption has been steadily increasing.
Innovation S-curve for cybersecurity in the banking industry
Tokenized asset management is a key innovation area in cybersecurity
Tokenized asset management refers to the process of managing and investing in assets that are represented on a blockchain through tokens. These tokens can be traded and transferred without the need for intermediaries, creating a more efficient and accessible investment ecosystem.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 160+ companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of tokenized asset management.
Key players in tokenized asset management – a disruptive innovation in the banking industry
‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to tokenized asset management
Source: GlobalData Patent Analytics
Among the companies innovating in tokenized asset management, nChain is the leading patent filer. Asset Trade, for example, is a blockchain-enabled digital asset ledger and trade solution provided by nChain to tokenize fiat currencies, physical commodities and other assets and trade them in real time using maintainable exchange rates across different organizations and institutions. Fidelio Acquisition, Alibaba Group, and Pendrell are some of the other prominent patent filers in the tokenized asset management space.
In terms of application diversity, Huawei Investment held the top position, while Digimarc and Fidelio Acquisition stood in second and third positions, respectively. By means of geographic reach, Dell Technologies leads the pack, followed by Inveniam Capital Partners and nChain.
To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Cybersecurity in Banking.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual 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.
