The realm of fintech is burgeoning with innovations, making it crucial for inventors and businesses to conduct comprehensive patent searches. Undertaking an effective prior art research ensures that your invention is unique and can stand the test of patentability. This article offers valuable insights and tips on how to conduct a thorough fintech patent search.

Understanding the Importance of Prior Art Research in Fintech

Before diving into the strategies, it’s vital to grasp the significance of prior art research, especially in a dynamic domain like fintech.

Avoiding Infringement Issues

With the fintech sector witnessing an explosion of innovations, the risk of unintentional patent infringements has escalated:

  • Litigation Risks: Stepping on the toes of existing patent holders can lead to expensive and time-consuming legal battles.
  • Licensing Costs: Unintentional infringements can also result in hefty licensing fees, impacting profitability.

Strengthening Patent Applications

A comprehensive understanding of the existing patent landscape can substantially fortify your patent application:

  • Highlighting Novelty: By distinguishing your invention from existing solutions, you can emphasize its novelty.
  • Avoiding Rejections: Patent offices are more likely to approve applications that are demonstrably unique and don’t overlap with existing patents.

Starting With Broad Searches

When initiating your fintech patent search, it’s beneficial to commence with a wide lens before zooming into specifics.

Keyword Brainstorming

Begin by listing down all potential keywords related to your invention:

  • Core Technologies: Think about the fundamental technologies powering your solution. If it’s a blockchain-based payment gateway, your keywords might include “blockchain,” “payment,” “transaction,” and so on.
  • Synonyms: Consider synonyms for each keyword. For instance, “transaction” might also be termed as “transfer” or “exchange” in some patents.

Utilize Multiple Databases

Expand your search horizons by not limiting yourself to just one patent database:

  • Google Patents: An accessible and comprehensive starting point for most inventors.
  • USPTO Patent Database: Especially vital if you’re considering patenting in the United States.
  • EPO’s Espacenet: Useful for understanding the European patent landscape.

Delving Deeper with Advanced Search Techniques

Once you’ve covered the broader landscape, it’s time to dive deeper and refine your search.

Classifications and Sub-classifications

Relying solely on keywords can be limiting. Patent classifications provide a systematic way to filter relevant inventions:

  • Locate Relevant Classifications: For fintech, certain patent classifications like G06Q (data processing systems or methods in administrative, commercial, financial, managerial, or forecasting settings) might be pertinent.
  • Sub-classifications: Delve deeper by exploring relevant sub-classifications. For example, within G06Q, there might be a sub-category specifically for payment architectures or transaction verification.

Citation Analysis

Patents often cite other relevant patents. Leveraging this interlinking can be a goldmine:

  • Backward Citations: Check the patents that a relevant patent cites. These are called backward citations and can unearth older, relevant patents you might have missed.
  • Forward Citations: Explore patents that cite the patent you’re looking at. This provides a glimpse of subsequent innovations in the domain.

Utilizing Specialized Patent Search Tools

While generic patent databases provide a vast trove of information, specialized patent search tools can add another layer of precision to your research.

Derwent Innovation

This global patent database, enhanced with AI capabilities, offers valuable insights:

  • Semantic Search: Unlike traditional keyword-based searches, Derwent Innovation’s semantic search understands the context, ensuring more relevant results.
  • Visual Analytics: Derwent provides visual data analysis tools, allowing for easier identification of trends and gaps in the patent landscape.


A favorite among many inventors and patent professionals, PatSnap offers:

  • Technology Landscape Analysis: This feature helps in understanding the broader technological terrain, helping identify competitors and potential collaborators.
  • License Agreement Data: Particularly useful for those looking to license their fintech solutions, PatSnap provides data on existing license agreements.

The Role of Boolean Operators

Maximizing the efficiency of your patent search often lies in mastering Boolean operators. They allow for more specific searches by combining or excluding certain terms.

AND Operator

Useful when you want to search for patents that contain multiple specified terms:

  • Example: If you want to find patents related to both “blockchain” and “finance,” you’d search for “blockchain AND finance.”

OR Operator

Ideal for searching for patents that contain at least one of the specified terms:

  • Example: To find patents related to either “cryptocurrency” or “digital currency,” your query would be “cryptocurrency OR digital currency.”

NOT Operator

This operator helps exclude unwanted terms:

  • Example: If you’re interested in blockchain but not its application in supply chain, you’d search “blockchain NOT supply chain.”

Assessing Non-Patent Literature (NPL)

While patents provide a wealth of information, it’s crucial not to overlook non-patent literature in the fintech domain.

Academic Research

Universities and research institutions are often at the forefront of technological advancements:

  • Databases like IEEE Xplore and Google Scholar: These platforms can provide valuable insights into cutting-edge fintech research that hasn’t been patented yet.

Industry Reports and Whitepapers

Companies, especially those in the fintech sector, often release detailed reports and whitepapers:

  • Revealing Trends: These documents can offer a sneak peek into where the industry is heading.
  • Unearth Potential Competitors: Whitepapers often detail advanced R&D efforts that might not have translated into patents yet.

Seeking Professional Help

Given the complexities involved, sometimes it’s beneficial to lean on professionals.

Patent Search Firms

Dedicated firms specialize in patent searches, bringing expertise and advanced tools to the table:

  • Comprehensive Analysis: These firms often provide detailed reports, highlighting potential overlaps and gaps in the patent landscape.

Patent Attorneys

Especially useful when you’re close to filing, patent attorneys can offer a final layer of scrutiny:

  • Legal Perspective: Beyond just the technical overlap, patent attorneys understand the legal nuances, ensuring your application is robust from all angles.

Incorporating Artificial Intelligence in Patent Searches

The fintech realm is intricately complex, and manually sifting through thousands of patents can be daunting. Artificial Intelligence (AI) and Machine Learning (ML) tools are increasingly bridging this gap.

Automated Prior Art Discovery

AI-enabled platforms are now capable of autonomously trawling through vast patent databases:

  • Deep Learning Algorithms: These algorithms, when trained on vast datasets, can understand intricate patterns and highlight patents closely aligned with your research focus.
  • Natural Language Processing (NLP): NLP tools can interpret patent language more efficiently, identifying relevant documents even when keyword matches are not explicit.

Predictive Analytics

Beyond just finding existing patents, AI tools can provide predictive insights:

  • Potential Patentability: By analyzing the attributes of previously granted patents, AI tools can gauge the likelihood of your invention’s patentability.
  • Infringement Risks: AI algorithms can predict potential infringement risks, allowing inventors to pivot their R&D efforts early.

Collaborative Search Strategies

The vastness of the fintech patent landscape often necessitates a collective approach.

Crowdsourced Patent Searches

Platforms like Patexia and Article One Partners have democratized patent searches:

  • Harnessing Collective Intelligence: These platforms allow for a large number of researchers to scour the patent landscape, increasing the chances of uncovering obscure but relevant documents.
  • Incentivized Research: Such platforms often operate on contest-based models, where researchers are rewarded for finding key prior art, ensuring rigorous search efforts.

Collaborating with Academia

Universities are hubs of innovative research:

  • Academic Databases: Platforms like JSTOR or host a plethora of academic papers. Collaborating with researchers can help access these databases more effectively.
  • Student Projects: Engaging with postgraduate or doctoral students for patent research projects can be mutually beneficial, combining academic rigor with practical application.

Maintaining A Continuous Watch

The fintech sector is evolving at a rapid pace. What is novel today might be commonplace tomorrow. Therefore, a one-time search isn’t sufficient.

Setting Up Alerts

Stay updated with the latest filings:

  • Google Patents and USPTO: Both offer features where you can set up alerts for specific keywords or patent classifications. This way, any new filing that matches your criteria will immediately be brought to your attention.

Quarterly or Biannual Reviews

Given the pace of innovation in fintech, it’s prudent to conduct regular reviews:

  • Gap Analysis: Regular reviews help in identifying any emerging technologies that might have slipped through the cracks in your initial search.

Documenting Every Step

Thorough documentation is crucial not just for organizational purposes but also for potential legal considerations down the line.

Maintain a Search Log

Document every search you conduct:

  • Keywords Used: Keeping track ensures you don’t repeatedly search the same terms.
  • Relevant Findings: Highlight patents that closely align with your invention, making it easier for future references or for sharing with collaborators.

Annotate and Highlight

While reviewing patents, actively highlight and annotate sections that are of particular relevance:

  • Digital Tools: Platforms like Mendeley or even Adobe’s PDF tools allow for annotations, ensuring that your insights during the search phase aren’t lost.

While keywords are essential, understanding and employing classification codes can greatly refine your search.

CPC (Cooperative Patent Classification) System

An internationally standardized classification system, the CPC offers precise categorization:

  • Drill Down: For fintech, you can start with broader categories like “G06Q” which relates to data processing systems or methods expressly adapted for administrative, commercial, financial, managerial, or forecasting purposes, and then narrow down further based on the specific technology or application.

USPC (United States Patent Classification)

Specific to the United States, USPC offers another layer of classification:

  • Comparison with CPC: Sometimes cross-referencing between the CPC and USPC can uncover patents that might be classified slightly differently between systems.

Visualizing Patent Data

The saying, “a picture is worth a thousand words,” holds in the patent world.

Patent Maps

Tools like PatBase or Orbit offer visual representations:

  • Tech Landscapes: Visual maps can provide an overview of the technological landscape, highlighting clusters of intense patenting activity or potentially under-researched areas.
  • Citation Analysis: Understanding which patents are frequently cited can highlight seminal inventions in the fintech space.

Interactive Dashboards

Dashboards allow for dynamic interaction with patent data:

  • Filter on the Go: Instead of sifting through lists, you can filter patents based on assignee, year of filing, or other relevant parameters.

Assessing Forward and Backward Citations

It’s not just about the patent itself but also about its relationship with the broader ecosystem.

Backward Citations

These are the patents that a particular patent cites:

  • Technological Pedigree: Backward citations can provide insights into the foundational technologies upon which a new invention is built.

Forward Citations

These are future patents that cite the patent in question:

  • Assess Impact: A high number of forward citations can indicate that the patent is a pivotal piece in its domain. For fintech, such a patent could indicate a foundational method or system that many subsequent inventions utilize.

Engaging in Forums and Online Communities

The internet age has democratized knowledge, and patent research is no exception.

Engage in Patent-Focused Forums

Places like IPWatchdog or Justia offer platforms for patent professionals and enthusiasts to discuss:

  • Peer Validation: Sharing your findings with a community can offer validation or potentially highlight areas you might have overlooked.
  • Stay Updated: Such forums often spotlight recent changes in patent laws, examination processes, or even introduce new search tools.

Webinars and Online Workshops

Regularly participating in webinars can upskill your research techniques:

  • Expert Insights: Many webinars feature patent attorneys or experts, sharing nuanced strategies that might not be readily available in written guides.
  • Interactive Q&A: Directly asking questions can help in clarifying specific challenges you face during your fintech patent research.

Utilizing Cross-Referencing Techniques

No patent exists in isolation. Understanding interconnections can be pivotal.

Linking Inventors and Assignees

Sometimes, the connection isn’t just technological but personal:

  • Track Inventors: If a particular inventor has filed a relevant patent, it might be worth exploring their other filings, even if they don’t immediately appear related to fintech.
  • Corporate Assignees: For larger entities, tracking their broader patent portfolios can provide insights into their strategic direction in fintech.

Embracing Advanced Search Tools

The rise of fintech has also been paralleled by advances in patent search technology. These tools offer refined capabilities tailored to the challenges of fintech patent research.

AI-Powered Search Engines

Machine learning and AI have made their way into patent search:

  • Semantic Search: Unlike traditional keyword-based approaches, semantic search understands the context. For instance, it can distinguish between “blockchain for supply chain” and “blockchain for digital payments.”
  • Predictive Analysis: Some tools can predict potential infringements or even assess the likelihood of a patent being granted based on historical data and patterns.

Subscription-Based Databases

Free tools are great, but sometimes, the depth required demands a specialized database:

  • Access to Non-Patent Literature: Databases like Derwent or PatBase often include scientific articles, whitepapers, and other non-patent literature. For fintech, this can provide context or even highlight potential prior art that’s not patented.
  • Regularly Updated: These databases ensure you’re working with the latest data, which is crucial given the pace of fintech innovation.

Incorporating International Patent Databases

Fintech is a global phenomenon, and so is its patent landscape. Thus, your research must be internationally comprehensive.


This database provides access to international Patent Cooperation Treaty (PCT) applications:

  • Translation Tools: PATENTSCOPE offers automated translations, making it easier to understand patents filed in languages unfamiliar to you.
  • Clarity on International Filings: It helps you trace if a particular patent has sought protection in multiple countries, indicative of a potentially impactful innovation.

Country-Specific Databases

Apart from global databases, it’s crucial to dive into national ones:

  • China’s CNIPA: Given China’s fintech strides, their National Intellectual Property Administration can be a treasure trove of insights.
  • Korea’s KIPRIS or Japan’s J-PlatPat: Asian countries are at the forefront of fintech, making their national databases invaluable.

Validating with Secondary Sources

While patent databases are the primary source, secondary sources can offer validation or even lead to undiscovered prior art.

Industry Reports and Whitepapers

These often discuss technological advancements:

  • Spotting Trends: A report might discuss an emerging fintech trend even before it’s patented, offering you a direction for your search.
  • Company Insights: Understanding the technological pursuits of major fintech players can guide your search towards areas they deem patent-worthy.

Academic Journals

Fintech, at its heart, is tech. And a lot of tech innovation starts in academic circles:

  • Leading Universities: Tracking journals from institutions known for tech innovation can offer early insights.
  • Tech Conferences: Proceedings from conferences can hint at innovations that might soon find their way into patent applications.

Hiring Specialized Patent Researchers

Sometimes, the complexity of fintech requires a specialized touch:

  • Dedicated Fintech Patent Experts: These professionals stay abreast with fintech’s evolving nature and can navigate its patent landscape with finesse.
  • Collaborative Efforts: Combining your insights with a professional’s expertise can yield a comprehensive and effective search.

Final Thoughts

Conducting a thorough and effective fintech patent search is both an art and a science. It requires familiarity with the technology, adeptness with search tools, and an intuition developed over time. As fintech continues its rapid evolution, keeping these tips in mind ensures that your patent research remains relevant, comprehensive, and insightful, paving the way for successful patent applications and robust intellectual property strategies.