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  1. Analysis
May 6, 2022

Fintech innovation among automotive 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 automotive manufacturing and supply 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 101 in the three months ending March – down from 138 over the same period in 2021.

Figures for patent grants related to fintech followed a different pattern to filings – growing from 20 in the three months ending March 2021 to 29 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.

Toyota Motor Corp was the top fintech innovator in the automotive manufacturing and supply sector in the latest quarter. The company, which has its headquarters in Japan, filed 52 fintech related patents in the three months ending March. That was up from 34 over the same period in 2021.

It was followed by the South Korea based Kia Corp with eight fintech patent applications, the United States based Ford Motor Co (7 applications), and Ireland based Aptiv Plc. (6 applications).

Toyota Motor Corp has recently ramped up R&D in fintech. It saw growth of 34.6% in related patent applications in the three months ending March compared to the same period in 2021 - the highest percentage growth out of all companies tracked with more than 10 quarterly patents in the automotive manufacturing and supply sector.

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