Machine learning innovation among private banking firms has plummeted over the past year

Machine learning 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 42 in the three months to March, compared to 202 in the same period in 2021.

Figures for patent grants related to have followed a different pattern from filings – falling from 14 in the three months ending March 2021 to 15 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 innovator in the private banking sector in the last quarter. The China-headquartered company filed 15 related patents in the three months to March. This figure was down from 157 over the same period in 2021.

It was followed by the South Korean company Korea Investment Holdings Co Ltd with five patent applications, the Canadian bank Toronto-Dominion (5 applications) and the American company JPMorgan Chase & Co (4 applications).

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