Using data from the UK Intellectual Property Office, RPC found that investment in financial technology from established institutions and start-ups, led to a “sharp rise” in new services protected by trademarks in the sector over the last five years.
RPC suggested that both institutions and start-ups are both competing in fintech, and attempting to differentiate themselves by creating trademarks for individual products and suites of products.
RPC said: “The use of trademarks in financial services is popular due to the relative ease at which financial products can become commoditised by the launch of ‘me too’ products by competitors.”
Companies and challenger banks with increased trademark activity included Atom Bank, Monzo and Redwood Bank, according to RPC.
Paul Joseph, partner at RPC, commented: “Financial services businesses collectively are pouring hundreds of millions into promoting new products and services.”
He explained: “That investment needs to be protected through registering trade marks.”