The banking industry continues to be a hotbed of patent innovation. Activity is driven by digitalization, enhanced security, operational efficiency, ever changing consumer expectations, and growing importance of technologies such as artificial intelligence (AI), Internet of Things (IoT), and cybersecurity. In the last three years alone, there have been over 5,000 patents filed and granted in the banking industry, according to GlobalData’s report on Internet of Things in banking: automated banking machines. Buy the report here.
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According to GlobalData’s Technology Foresights, which uses over 176,000 patents to analyze innovation intensity for the banking industry, there are 35+ innovation areas that will shape the future of the industry.
Automated banking machines is a key innovation area in Internet of Things
Automated banking machines, commonly referred to as ATMs, are self-service financial transaction terminals that allow users to perform a variety of banking transactions without the need for human assistance. These machines are equipped with computer hardware and software that enable users to access their bank accounts, withdraw cash, deposit funds, transfer money, check account balances, and perform other financial transactions electronically. ATMs provide convenient and secure banking services, allowing users to perform transactions outside of traditional banking hours and locations.
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 160+ companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of automated banking machines.
Key players in automated banking machines – a disruptive innovation in the banking industry
‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to automated banking machines
Source: GlobalData Patent Analytics
Among the companies innovating in automated banking machines, Diebold Nixdorf is the leading patent filers. Diebold Nixdorf is an end-to-end hardware, software and services provider for the banking industry. DN SeriesTM is a family of industry-leading ATM solutions provided by the company. Lobby, Through-the-Wall (TTW), Outdoor Walk Up, Outdoor Drive Up, and Island Multi-Function are some of the most advanced and compact ATM solutions offered by the company.
Capital One Financial, Bank of America, and Diebold Self-Service Systems are some of the other key patent filers in automated banking machines.
In terms of application diversity, Princeton Identity held the top position, while Cubic and Beijing Electronics stood in second and third positions, respectively. By means of geographic reach, AT&T leads the pack, followed by BBVA and Gelliner.
To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Internet of Things (IoT) in Banking.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
