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July 29, 2022updated 25 Jul 2022 3:11pm

Fintech innovation among power 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 power industry operations and technologies 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 38 in the three months ending May – down from 56 over the same period in 2021.

Figures for patent grants related to fintech followed a different pattern to filings – growing from 19 in the three months ending May 2021 to 24 in the same period in 2022.

The figures are compiled by GlobalData, which tracks 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.

Siemens was the top fintech innovator in the power industry operations and technologies sector in the latest quarter. The company, which has its headquarters in Germany, filed 17 fintech-related patents in the three months ending May. That was down from 30 over the same period in 2021.

It was followed by the Germany-based E.ON with 15 fintech patent applications, the US-based Honeywell International (3 applications), and Japan-based Fuji Electric (2 applications).

E.ON has recently ramped up R&D in fintech. It saw growth of 100% in related patent applications in the three months ending May compared to the same period in 2021 – the highest percentage growth out of all companies tracked, with more than 10 quarterly patents in the power industry operations and technologies sector.

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