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:
- Identify your key business drivers for patents covering both risks and leverage opportunities
- 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
- 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