1. Analysis
July 19, 2022

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

Analysis of patent filings shows a shrinking level of fintech related applications in the industry over the past year

By Data Journalism Team

Research and innovation in fintech in the retail sector has declined in the last year.

The most recent figures show that the number of fintech related patent applications in the industry stood at 63 in the three months ending May – down from 213 over the same period in 2021.

Figures for patent grants related to fintech followed a similar pattern to filings – shrinking from 253 in the three months ending May 2021 to 147 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.

Fintech 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.

EBay Inc was the top fintech innovator in the retail sector in the latest quarter. The company, which has its headquarters in the United States, filed 17 fintech related patents in the three months ending May. That was down from 33 over the same period in 2021.

It was followed by the China based Alibaba Group Holding Ltd with 14 fintech patent applications, the United States based Walmart Inc (9 applications), and China based JD.com Inc (8 applications).