From blockchain to augmented reality, Canada’s big banks aim to patent the future of finance

Getting updates on your bank account in augmented reality. Credit scores built on blockchain. Payment requests that involve scanning would-be recipients with facial recognition technology.

These are just some of the ideas Canadian banks have been envisioning in public patent filings, which lenders have increasingly made in recent years as banking becomes more and more dependent on technology.

Toronto-Dominion Bank, for example, used to file around one patent application a year. But after ramping up its strategy about five years ago, it now files about 40 to 50 applications annually, according to Josh Death, associate vice president, legal, intellectual property and patentable innovation at TD.

Sourced through Scoop.it from: business.financialpost.com