Cybersecurity innovation among private banking firms has plummeted over the past three months

Cybersecurity research and innovation in private banking has declined over the past year.

The latest figures show the number of related patent applications in the industry stood at 256 in the three months to July, compared to 567 in the same period in 2021.

Figures for patent grants related to followed a different pattern from filings – rising from 247 in the three months ending July 2021 to 289 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.

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.

Ping An Insurance (Group) Company of China Ltd was the leading private banking industry innovator in the last quarter. The China-headquartered company filed 79 related patents in the three months to July. That was down from 93 over the same period in 2021.

It was followed by US-based Bank of America Corp with 69 patent applications, US-based JPMorgan Chase & Co (28 applications) and Canada-based The Toronto-Dominion Bank (16 applications) .

Truist Financial Corp recently ramped up R&D in . It recorded a 35.7% growth in related patent applications in the three months ending July compared to the same period in 2021 – the highest percentage growth of any company tracked with more than 10 patents quarterly reports in the private banking sector.

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