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September 13, 2022

Fintech innovation among automotive industry companies dropped off in the last quarter

Analysis of patent filings shows an decrease in fintech related applications in the industry following a rise over the past three months, compared to last year

By Data Journalism Team

Research and innovation in fintech in the automotive manufacturing and supply sector has declined in the last quarter – but remains higher than it was a year ago.

The most recent figures show that the number of fintech related patent applications in the industry stood at 104 in the three months ending July – up from 96 over the same period in 2021.

Figures for patent grants related to fintech followed a similar pattern to filings – growing from 20 in the three months ending July 2021 to 56 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 60 fintech related patents in the three months ending July. That was up from 40 over the same period in 2021.

It was followed by the United States based Ford Motor Co with 13 fintech patent applications, South Korea based Kia Corp (12 applications), and Japan based Honda Motor Co Ltd (9 applications).

Ford Motor Co has recently ramped up R&D in fintech. It saw growth of 76.9% in related patent applications in the three months ending July 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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