Research and innovation in artificial intelligence in the major banks, central banks, and non-bank competitors 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 73 in the three months ending January – down from 806 over the same period in 2020.

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Figures for patent grants related to AI followed a similar pattern to filings – shrinking from 183 in the three months ending January 2020 to 18 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.

AI is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from.

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The figures also provide an insight into the largest innovators in the sector.

Ping An Insurance was the top AI innovator in the major banks, central banks, and non-bank competitors sector in the latest quarter. The company, which has its headquarters in China, filed 54 AI related patents in the three months ending January. That was down from 912 over the same period in 2020.

It was followed by the United States based Capital One with 30 AI patent applications, the US based PayPal (24 applications), and the US based Visa (10 applications).

GlobalData is the parent company of Retail Banker International and its sister publications