The global financialservices industry experienced a 30% decline in the number of artificial intelligence-related patent applications in Q3 2022 compared with the previous quarter. The total number of artificial intelligence-related grants rose by 7% in Q3 2022, according to GlobalData’s whitepaper on Artificial Intelligence in Banking & Payments – Patenting Activity in Q3 2022.
Notably, the number of artificial intelligence-related patent applications in the financialservices industry was 668 in Q3 2022, versus 958 in the prior quarter.
Analysis of patenting activity by companies shows that Capital One Financial filed the most artificial intelligence patents within the financialservices industry in Q3 2022. The company filed 55 artificial intelligence-related patents in the quarter, compared with 47 in the previous quarter. It was followed by China Investment with 46 artificial intelligence patent filings, Bank of America (30 filings), and Visa (20 filings) in Q3 2022.
The largest share of artificial intelligence related patent filings in the financialservices industry in Q3 2022 was in the US with 32%, followed by China (20%) and South Korea (4%). The share represented by the US was 3% higher than the 29% share it accounted for in Q2 2022.