RPC research reveals patents at a seven-year low
Increasingly tough worldwide financial regulation could be behind the fall in the number of financial patents to a seven-year low, according to research by law firm RPC.
The research showed that there were 3,500 applications for financial patents last year, around 20% below the 2009 peak, according to the Financial Times.
“Innovation in financial services seems to have been a victim of the cost cutting that financial services groups have been forced to undergo in recent years,” said RPC partner David Cran.
But Cran added that new technologies such as mobile banking and electronic money could boost innovation.
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