Why is it Necessary to File Patent in FinTech? | Benefits | Swarit Advisors
Channel: Bada CFO
Date: 2021-11-10

Before we discuss the importance of #PatentInFinTech, let’s understand the meaning of #FinTech. Financial Technology, usually referred to as “FinTech“, it is a developing industry that provides digital technology to increase efficiencies in payment systems, banking, and financial services in different areas comprising digital marketplace financing, digital assets, investment advice, etc. 

Why is it Necessary to Have Patent in FinTech Sector?

It is clearly observed that the invention benefited the FinTech Sector, which has grown over 700% in the past few years, with worldwide investments in the FinTech topping 44 Billion Dollars in the year 2020. Many FinTech startups and banks are rushing to create their #Patent portfolios by getting disruptive technology in blockchain, and payment companies as financial institutions & banks rapidly understand the role of #IP in their business and #monetisation strategies or plans. In 2018, it has been reported that around four thousand FinTech Patent applications owned by some of the biggest organisations or companies in the area of technology & finance like #Google, #Visa, and #IBM. However, the rise of cryptocurrency & blockchain Patents has enabled the appearance of many #FinTechStartups and global FinTech hubs. The majority of the start-ups are leveraging business & competitive intelligence to develop Patent portfolios around FinTech trading in commodities & stocks, mining of cryptocurrencies & blockchain executed financial security rules which address the difficult financial regulatory environment.

Benefits of Filing Patent in FinTech

Now I’ll tell you some Benefits of #FilingPatent in FinTech 
1. Applications for Patent are significantly valuable and can attract investment from capable investors in the market 
2. It Increases Market Share; 
3. Unlike Copyright, Patents can safeguard the functionality of the invention. A #FinTechPatent prevents third parties from taking advantage of the method, process or apparatus protected by the Patent. This permits the Patent owner to exercise a monopoly on their invention in terms of commercialisation/licensing. This creates a valuable revenue stream that increases the company’s profile significantly.

Important Points to Remember While Filing Patent in FinTech 

There are some Important Points to Remember While Filing Patent in #FinTechSoftware
1. Know the inventive idea in your #innovation and be capable of expressing how the claimed invention gives a technical solution to a technical problem. 
2. Know if your software improves the way that a computer functions or employs any new functionality to get better the user experience over traditional ways or technology. 
3. Avoid the conversation of generic computer components or fundamental economic principles or methods like risk mitigation or hedging that may be construed as simply “organising human activity” or as stating “conventional actions in a proper way”. 
4. avoid simply focusing on data aggregation & storage or simply organising information that may be performed on a conventional or general computer.

After discussing the importance of filing Patent in FinTech, it is concluded that there is no uncertainty that new technology advancement & disturbance in the #FinTechIndustry will continue through 2022 as traditional #banks both actively invest and obtain FinTech start-ups to give more extraordinary client service to their digitally-minded customers. Ensuring you have the correct IP protections and competitive intelligence in place will confirm you safeguard your valuable FinTech ideas while staying one step forward of the competition. I hope you like this video for more updates please subscribe to this channel.

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