Patents as Business Risk in Financial Services

Watch Jens Bördin and Filippa Plate talk about how patents become a business risk as digitalization is rapidly disrupting financial services.

As the financial services sector becomes increasingly technology-driven, banks and financial services players are transforming their innovation, M&A and risk mitigation tactics. Large incumbents are ramping up their patent portfolios at a speed which has never been seen before. In parallel, Big tech already hold leading positions in key technologies, while digital challengers are building niche portfolios around high-potential use-cases.

To address patents as business risk banks and financial services players should consider the following steps:

1. Identify your key business drivers for patents covering both risks and leverage opportunities
2. Build a senior-level steering committee to drive action, recognizing that business-driven patent management requires close integration of business, innovation and patents, as well as of risk and control practices
3. Only let patent management evolve under clear business accountability, but recognize that the long-term patent game must be shielded from short-term business cycles