Warshi
The word fintech usually conjures up scrappy startups, backed by venture capital firms, that seek to change the world and open up banking and other services to a wide range of customers through amazing apps.
As advancements in technology, however, almost all financial services companies are now fintech. And the technological part, of course, is essential. More importantly, the ownership and protection of this intellectual property, if the company wants to maintain a dominant position.
Several finance-related companies were among the top 300 companies in terms of patents issued in 2022, according to a list by the Intellectual Property Owners Association. Capital One Financial (New York stock market :COF) received the most patents of any financial company in 2022 with 708 patents in 2022. This places it at 59th in the list. Its number of patents increased by 1% compared to 2021.
The next financial company on the list is Bank of America (New York stock market :BAC), which received 608 patents last year, up an impressive 19% from the previous year. The bank says he received patents in artificial intelligence and machine learning, information security and payments.
“More than $10 billion in annual investments in these innovations have earned our company a patented portfolio of solutions spanning artificial intelligence, cybersecurity, payments and other technologies that help our customers live better financial lives. said Aditya Bhasin, Bank of America’s (BAC) director of technology and information.
This is Wells Fargo (New York stock market :WFC), taking 109th place with 403 patents (+4%A/A); PayPal Credits (NASDAQ:PYPL), at 137 with 311 patents (-5%); Visa (New York stock market :V) at No. 141 with 308 patents (+5%); and MasterCard (New York stock market :MY) at No. 144 with 303 patents (-12%), according to the IPO list.
The insurer State Farm comes in 172nd place with 262 patents (-9%); JPMorgan Chase (New York stock market :JPM) occupied the 183rd place with 247 patents (-5%).
Berkshire Hathaway (New York stock market :BRK.B) (New York stock market :BRK.A) was in 239th position with 186 patents (-5%). While the Omaha-based company headed by Warren Buffett is a giant in the insurance industry, the company’s operations span a wide range of industries. His patents could apply to industries such as energy, railroads, chemicals or castings for the aircraft industry.
The total number of patents issued by the U.S. Patent and Trademark Office was 323,018, down 1% from 2021.
Many other financial services-related patents could be held by tech behemoths, including Samsung Electronics, the company with the most patents in 2022 at 8,513, Apple (AAPL), #14 on the list with 2,313 patents, and Google parent Alphabet (GOOG) (GOOGL), No. 15 with 2,077 patents.
Earlier this week, Bloomberg reported that Apple (AAPL) plans to launch its Buy Now, Pay Later service in September.
JPMorgan Chase (JPM) CEO Jamie Dimon pushed the company to compete and beat fintech. At the end of 2022, the Wall Street and Main Street banking giant aimed to hire 2,000 technicians.