The big takeaway: The patent wars have become a lengthy, expensive way to develop new technology. So long, in fact, that by the time the conflict is resolved, paper checks may be a thing of the past. But some banks are starting to push back on this approach to patent defense.
- Last year, financial institutions like Truist, Block, and TD Bank joined the Open Invention Network. This group aims to create shared software licensing and open source software that would promote innovative technology and discourage participants from suing each other.
With the continued acceleration of digitization within the financial industry, and new and powerful technologies like artificial intelligence just beginning to take off, it’s in the best interest of banks to work together to promote safe and creative development of these technologies. Without collaboration, the monetary benefits they reap might end up going to legal fees.
This article originally appeared in Insider Intelligence’s Banking Innovation Briefing—a daily recap of top stories reshaping the banking industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.