Robotics innovation among retail banking industry companies has dropped off in the last year

Research and innovation in robotics 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 robotics related patent applications in the industry stood at 14 in the three months ending February – down from 20 over the same period in 2021.

Figures for patent grants related to robotics followed a similar pattern to filings – shrinking from eight in the three months ending February 2021 to two in the same period in 2022.

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.

Robotics 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.

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

Ping An Insurance (Group) Company of China Ltd was the top robotics 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 four robotics related patents in the three months ending February. That was down from 10 over the same period in 2021.

It was followed by the United States based Wells Fargo & Co with three robotics patent applications, China based Industrial and Commercial Bank of China Ltd (2 applications), and the United States based Morgan Stanley (1 applications).