According to an analysis of patent filings, compiled by GlobalData, there is a shrinking number of cybersecurity-related applications in the banking industry over the past three months, compared to the previous year. The most recent filings show that the number of related patent applications in the banking industry was 596 in the three months ending July. This is down from 1096 during the same period last year. This indicates cybersecurity innovation in the retail banking industry is dropping off. Capital One Financial was the top innovator in the banking sector in the latest quarter. The company filed 125 related patents in the three months ending July, down from 230 in the same period last. Visa was second with 109 patent applications. One company that has increased research is Truist Financial, which saw a 35.7% growth in related patent applications in the three months ending in July.

Finsum:While cyber crimes are on the rise, cybersecurity innovation in the banking industry is falling.