Artificial intelligence innovation among private banking industry companies has dropped off in the last year

Research and innovation in artificial intelligence, AI, in the private banking sector has declined in the last year. The most recent figures show that the number of AI related patent applications in the industry stood at 40 in the three months ending January – down from 651 over the same period in 2020. Figures for patent grants related to AI followed a similar pattern to filings – shrinking from 97 in the three months ending January 2020 to 17 in the same period in 2021. The figures are compiled by GlobalData, who track 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 thematic areas, and linked to key companies across various industries.