The banking and payments industry continues to be a hotbed of innovation owing to ever changing consumer expectations. The rapid technological developments in the areas of banking and payments that aim to offer seamless experience to consumers are now becoming even more vital for industry participants as competitors leverage new technologies such as artificial intelligence, Internet of Things, cybersecurity, and embedded finance as they compete to stay relevant and grow in the market. In the last three years alone, there have been over 92,000 patents filed and granted in the banking industry, according to GlobalData’s report on Artificial intelligence in Banking: intelligent contact centres. Buy the report here.
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 stabilising 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.
60+ 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 195,000 patents, there are 60+ innovation areas that will shape the future of the industry.
Within the emerging innovation stage, AI-assisted OCR is a disruptive technology that is in the early stage of application and should be tracked closely. Transaction splitting, automated payment card scanning, and automated clearing houses are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas is the metadata extraction for payments, which is now well established in the industry.
Innovation S-curve for artificial intelligence in the banking industry
Intelligent contact centres is a key innovation area in artificial intelligence
Voice-activated banking virtual assistants, such as Bank of America's Erica and U.S. Bank Smart Assistant, can make it easy to quickly transfer money or make payments to businesses, friends or family. For instance, customers can give instructions to carry out basic transactions while speaking to the U.S. Bank Smart Assistant.
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 50 companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of intelligent contact centres.
Key players in intelligent contact centres – a disruptive innovation in the banking industry
‘Application diversity’ measures the number of different applications identified for each relevant patent and broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in and reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to intelligent contact centres
Source: GlobalData Patent Analytics
Samsung Group is one of the leading companies in the area of artificial intelligence (AI)-powered intelligent contact centres. The company offers range of services based on AI, such as automated routing, voice bot, and chat or email bot. Some other key players in this space include Alphabet, Microsoft, Apple, LG, and IBM.
In terms of application diversity, Huawei leads the pack. People.ai and Walmart stood in the second and third positions, respectively. By means of geographic reach, People.ai holds the top position, followed by Meta Platforms and Apple.
To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Artificial Intelligence (AI) in Banking.