CHAPTER 4 RESULTS AND DISCUSSIONS
4.3 K EY G RAPH OF THE P ERIODS
4.3.1 1998 to 2004 Terms’ Association Graph
(一)、 Results Description
In this study, after the calculations, the issued patent data from 1998 to 2004 has 13 high-frequent terms, and 8 key terms with at least three connections with different high-frequent terms, and the relations are shown in Figure 10 below. The weight of each word is shown in Table 14. In accordance with Table 14, since the key terms of this study is selected by the high weight, the top high-weighted terms, which weight is larger than 0.195, are Card, Identification Technology, Encryption and Decryption, and ATM, while the top three key terms is Reader Technology, E Wallet, and Data Encryption. The relationship between high-weighted terms and the potential key terms
is shown in Table 15 below.
Symbol Meaning
Figure 9: Terms’ Association Graph of Issued Patents in the First Period
Table 14: Lists of Sorted Terms with Weight and Total Numbers of Co-occurrences
Terms of Issued Patents from 1998 to 2004
Weight Total Numbers of Co-occurrence in same sentences
Card 0.35 86
Identification Technology 0.289 71
Encryption and Decryption 0.232 57
ATM 0.199 49
IR and Bluetooth 0.146 36
Wireless Communication Tech 0.122 30
… …
Reader Technology 0.11 27
E-Wallet 0.069 18
Data Encryption 0.061 15
Location Technology 0.049 16
Key Cryptosystem, Network Technology, Internet Protocols
0.024 7
E Banking Services 0.023 3
Table 15: Relationship between High-weighted Terms and Key Terms in Issued Data of the First Period
Top High-weighted Terms Potential Key Terms
What’s more, applied patent data from 1998 to 2004 has 21 high-frequent terms in total, and 7 key terms with at least three connections with different high-frequent terms, and the relations are shown in Figure 11. The weight of each word is shown in Table 16.
According to Table 16, since the key terms of this study is selected by the high weight that link with many other terms, the top terms with high weight, setting up the threshold of 0.195 are Card, Identification Technology, and Payment System. About potential key terms, the top three key terms is E Banking Services, Location Technology, and Data Storage.
Figure 10: Terms’ Association Graph of Applied Patents in the First Period
Table 16: Lists of Sorted Terms with Weight and Total Numbers of Co-occurrences
Terms of Applied Patents from
1998 to 2004
Weight Total Numbers of Co-occurrence in same sentences
Card 0.23 59
Identification Technology 0.21 54
Payment System 0.191 49
Encryption and Decryption 0.19 50
RFID, IR and Bluetooth 0.15 39
Wireless Communication Tech 0.093 24
… …
E Banking Services 0.05 8
Location Technology 0.039 10
E Check, Data Storage 0.035 9
Data Transmission, User Interface
0.031 8
Settlement System 0.027 7
E Signature 0.023 6
Reader Technology 0.019 5
The relationship between high-weighted terms and the potential key terms is shown in Table 17 below.
Table 17: Relationship between High-weighted Terms and Key Terms in Applied Data of the First Period
Top High-weighted Terms
Potential Key Terms Total Numbers of Co-occurrence in same sentences
Card, Payment System E Banking Services 5+1=6 Identification Technology,
Payment System, RFID, IR and Bluetooth
Location Technology 2+1+2=5
Identification Technology, Encryption and Decryption
Data Storage 2+2=4
(二)、 Results Discussion
From the analysis of first section, we can see the main development and the potential trend from 1998 to 2004 on the basis of three perspectives, change of terms with high frequency, high-weighted terms and key terms with different weight and links, and the relationship between top high-weighted terms and potential key terms.
Generally, issued patents represents the main developments of certain field, and the applied patents implies the hidden progressing developments, meaning they haven’t gotten many attentions from people. Based on both Table 14 and 16, we can see that the main development of this period in the high-frequent terms of issued patent is card technology, like credit card, debit card, …etc., identification technology like by using PIN number, and the ATM. While in the applied patents, it shows that there appears a different high-frequent word, Payment System, implying that in 1998 to 2004, there had already developed some technologies to make payment procedure more efficiently. In addition, numbers of co-occurences of Card and Identification Technology are lower than that of issued patent. In other terms, Card and Identification Technology play an important role on the development of Fintech in 1998 to 2004, and they aren’t the main focus for the further Fintech’s development in the data of applied patents.
From the point of weight and links, which decides which terms are key terms, we can notice in the issued patent, card and identification technology has a lot more
numbers of co-occurences and weights than any other terms, so they can be the main development of this period. In the applied data, although Payment System has lower numbers of co-occurences than Encryption and Decryption, its weight still ranks higher than Encryption and Decryption, showing it is much important than Encryption and Decryption.
About the key term’s weight and links, we can see that in the applied patent although Location Technology has more numbers of co-occurrences than E Banking Services, E Banking Services still weigh higher than Location Technology. Besides, according to Table 17, E Banking Services has more numbers of co-occurrences in total with high-weighted terms than Location Technology, making E Banking Services is an important potential key terms in this period. The key terms of issued patents are much easier to notice, because Reader Technology has a lot more numbers of co-occurrences and weights, and connects with more high-weighted terms than any other key terms.
In sum, during 1998 and 2004, issued patents of Fintech focus on card technology and identity identification technology with the potential development of reader technology for cards, while applied patents concentrate on the development of payment system, and keep working on developing more technologies, such as E Banking Service and Location Technology, related to payment services to make payment more and more efficient.
4.3.2 2005 to 2010 Terms’ Association Graph
(一)、 Results Description
For the results of the issued patent data from 2005 to 2010 have 16 high-frequent terms, and 13 key terms with at least three connections with different high-frequent terms, and the relations are shown in Figure 12. The weight of each word is shown in Table 18. In accordance with Table 18, since the key terms of this study is selected by the high weight, the top high-weighted terms higher than 0.195 are Identification Technology, and RFID, NFC, IR and Barcode Tech, while the top three key terms, which are low-frequent terms are Key Cryptosystem, E Signatures, and Graphical User Interface. The relationship between high-weighted terms and the potential key terms is shown in Table 19 below.
Figure 11: Terms’ Association Graph of Issued Patents in the Second Period
Table 18: Lists of Sorted Terms with Weight and Total Numbers of Co-occurrences
Terms of Issued Patents
from 2005 to 2010
Weight Total Numbers of Co-occurrence in same sentences
Identification Technology 0.542 240
RFID, NFC, IR and Barcode 0.49 216
E Card 0.104 46
Wireless Communication Tech, Mobile Device
0.095 42
Encryption and Decryption, Biometric Sensor Technology
0.056 25
Platform Service System, Location Technology
0.052 23
… …
Key Cryptosystem 0.041 18
E Signatures 0.025 11
Graphical User Interface 0.0203 9
Data Mining and Machine
Table 19: Relationship between High-weighted Terms and Key Terms in Issued Data of the Second Period
Top High-weighted Terms Potential Key Terms
Total Numbers of Co-occurrence in same sentences
Identification Technology,RFID, NFC, IR and Barcode Tech
Key
Wireless Communication Tech Graphical User Interface
1
Moreover, applied patent data from 2005 to 2010 has only 11 high-frequent terms
in total, and 5 key terms with connections with different high-frequent terms, and the relations are shown in Figure 13. The results of this period are much less than that of other period. It is assumed that only a few terms that co-occurrent in the same sentences of the original data set, and the results are supposed to show the associations between the two terms, resulting in the outcomes of this data are much less than other outcomes.
The weight of each word is shown in Table 20. According to Table 20, the key terms of this study is selected by the high weight that link with many other terms, and since this data has few outcomes, the threshold is set up of 0.1 for the top high-frequent terms with high weight, which are Mobile Payment, and POS machine. About potential key terms, those low-frequent terms connecting with at least two different high-frequents terms are the potential key terms of this data. The top key terms are Social Network, and Biometric Authentication Technology.
Figure 12: Terms’ Association Graph of Applied Patents in the Second Period
Table 20: Lists of Sorted Terms with Weight and Total Numbers of Co-occurrences
Terms of Applied Patents from
2005 to 2010
Weight Total Numbers of Co-occurrence in same sentences
Mobile Payment 0.662 43
Social Network 0.523 34
Biometric Authentication Tech 0.22 14
POS Machine 0.123 8
E Wallet 0.08 5
Prepaid System 0.077 5
E trade 0.062 4
ATM and Biometric, Stock System
0.046 3
… …
The relationship between high-weighted terms and the potential key terms is shown in Table 21 below.
Table 21: Relationship between High-weighted Terms and Key Terms in Applied Data of the Second Period
Top High-weighted Terms
Potential Key Terms Total Numbers of Co-occurrence in
potential trend from 2005 to 2010 on the basis of three perspectives, change of terms with high frequency, high-weighted terms and key terms with different weight and links, and the relationship between top high-weighted terms and potential key terms.Based on both Table 18 and 20, we can see that the main development of this period in the high-frequent terms of issued patent is identification technology, and the Automated Identification Technology, like RFID, and NFC. While in the applied patents, it shows that Mobile Payment weighs a lot more than other high-frequent terms,
implying that in 2005 to 2010, due to the wide spread and rise of mobile phones, the functions of mobile phones have increased swiftly, which causes the technology of Mobile Payment and its related applications to arise, indicating the disruptive impact of Fintech on finance industry, and it starts with payment section.
From the point of weight and links, which decides which terms are key terms, we can notice there appear some new technologies with non-highest weights in the issued data, which are Mobile Device, Biometric Sensor Technology, and Platform Service System, showing the field of Fintech has started to expand from payment section to integrated service and systems like the notion of platform, and the security matter, referring to the Biometric Sensor Technology. Moreover, all these technologies need to be used in some kind of device, and here comes Mobile Device, which connects the rising development of Mobile Payment in the applied data.
About the key term’s weight and links, we can see that in the issued data, Key Cryptosystem has a strong link with the highest-weighted terms, which is an important potential trend of this period. Although E signatures doesn’t have a strong link with the highest-weighted terms, it’s still an potential trend because it links with Biometric Sensor Technology, implying that this could be a potential chance of security development in finance industry. For the applied data, social network system represents a very potential trend that links with the main development of two technologies, Mobile
Payment and POS Machine, and it fits one of the functions that mobile phone can do is chatting with social network. For the Biometric Authentication Technology, though it doesn’t connect with the highest-weighted terms, it still can be regarded as a potential chance of security section of biometric identification technology in finance.
In sum, during 2005 and 2010, issued patents of Fintech focus on the improvement of identity identification technology and issuance of new automated identification technology like RFID, NFC, and Barcode, while applied patents concentrate on the development and application of mobile payment. Another thing that can be noticed is that there appears a lot of new form of technologies in both issued and applied data, like Biometric Sensor Technology, Platform Service, and Social Network System, demonstrating a new range of the field of Fintech has been developed in this period.
4.3.3 2011 to 2017 Terms’ Association Graph
(一)、 Results Description
For the results of the issued patent data from 2010 to 2017 have 34 high-frequent terms, and 14 key terms with at least three connections with different high-frequent terms, and the relations are shown in Figure 14. The weight of each word is shown in Table 22. In accordance with Table 22, since the key terms of this study is selected by the high weight, the top high-weighted terms higher than 0.195 are Identification Technology, and RFID, NFC, QR code Tech, while the top three key terms, which are
low-frequent terms are Wireless Scanning Payment Technology, Cloud Computing, and E Message Service Technology. The relationship between high-weighted terms and the
potential key terms is shown in Table 23 below.
Figure 13: Terms’ Association Graph of Issued Patents in the Third Period
Table 22: Lists of Sorted Terms with Weight and Total Numbers of Co-occurrences
Terms of Issued Patents
from 2011 to 2017
Weight Total Numbers of Co-occurrence in same sentences
Identification Technology 0.252 315
RFID, NFC, IR and QR code 0.227 284
Wireless Communication Tech 0.182 228
Mobile Device 0.177 221
User Interface 0.123 154
E Card 0.103 129
… …
Wearable Sensor Technology 0.04 50
Location Technology 0.037 46
Biometric Authentication
Electronic Fund Transfer 0.019 24
Open Data and Service System, Third Party Services
0.018 23
Wearable Payment 0.016 20
Biometric Payment, Patent Information
0.015 19
Platform System 0.014 17
Cloud Data Storage 0.011 14
Insurance Payment 0.01 12
Statistical Algorithm, Personal
Table 23: Relationship between High-weighted Terms and Key Terms in Issued Data of the Third Period
Top High-weighted Terms Potential Key Terms
Wireless Communication Tech E Message Service Technology
2+2=4
In addition, applied patent data from 2011 to 2017 has only 24 high-frequent terms in total, and 13 key terms with connections with different high-frequent terms, and the relations are shown in Figure 15. The results of this period are a little less than that of
other period. It is assumed that only not many terms that co-occurrent in the same sentences of the original data set, and the results are supposed to show the associations between the two terms, resulting in the outcomes of this data are a little less than other outcomes. The weight of each word is shown in Table 24. According to Table 24, the key terms of this study is selected by the high weight that link with many other terms, and the threshold is set up of 0.195 for the top high-frequent terms with high weight, which are E Receipt, and Encryption and Decryption. About potential key terms, those low-frequent terms connecting with at least two different high-frequents terms or the highest-weighted are the potential key terms of this data. The top key terms are Telematics Technology, Cloud Computing Platform and Cardless Payment.
Figure 14: Terms’ Association Graph of Applied Patents in the Third Period
Table 24: Lists of Sorted Terms with Weight and Total Numbers of Co-occurrences
Terms of Applied Patents
from 2011 to 2017
Weight Total Numbers of Co-occurrence in same sentences
E Receipt 0.662 252
Encryption and Decryption 0.523 245
Personal Banking Services 0.155 67
Payment Tokens 0.132 57
Contactless Payment Tech (such as NFC Payment)
0.13 56
Telematics Technology 0.058 25
Cryptocurrency 0.046 20
… …
Cardless Payment 0.037 16
Cloud Computing 0.035 15
Venture Capital 0.03 13
Mobile Technology 0.021 9
User Experience 0.019 8
Robo Artificial intelligence 0.016 7
Integrated Kiosk and Biometric 0.012 5
Crowdfunding, Cloud
The relationship between high-weighted terms and the potential key terms is shown in Table 25 below.
Table 25: Relationship between High-weighted Terms and Key Terms in Applied Data of the Third Period
Top High-weighted Terms Potential Key Terms
Total Numbers of Co-occurrence in same sentences
Contactless Payment Tech TelematicsTechnology
25
(Such as NFC Payment) Contactless Payment Tech
(such as NFC Payment), Payment Tokens
Cloud Computing Platform
2+2=4
Personal Banking Services, E Receipt
Cardless Payment 7+9=16
(二)、 Results Discussion
From the analysis of first section, we can see the main development and the potential trend from 2011 to 2017 on the basis of three perspectives, change of terms with high frequency, high-weighted terms and key terms with different weight and links, and the relationship between top high-weighted terms and potential key terms.
Based on both Table 22 and 24, we can see that the main development of this period in the high-frequent terms of issued patent is identification technology, and the Automated Identification Technology, like RFID, and NFC, QR code. While in the applied patents, although it shows that E Receipt and Encryption and Decryption weighs a lot more than other high-frequent terms, implying that electronic services and security issues are much important in 2011 to 2017, it still indicates that another form of payment has arisen by using Automated Identification Technology like NFC with your cell phone, and the importance of personal banking services, providing more efficiently and conveniently services to current customers, due to the wide spread and
rise of mobile phones because of constant changing of customer needs.
From the point of weight and links, which decides which terms are key terms, we can notice there appear a lot of new technologies with non-highest weights but high frequency in the issued data, for example, VR, robotics technology, insurance payment and platform, wearable sensor technology, data mining and machine learning skills, and personal banking, showing the field of Fintech has penetrated into many fields like insurance, sensor technologies, and data analysis. Moreover, in applied data, they focus on the new development of personal banking services and contactless payment technology, demonstrating the growing importance of improving services and convenience by innovative technologies.
About the key term’s weight and links, we can see that in the issued data, Cloud Computing has a strong link with the highest-weighted terms, which is an important potential trend of this period, and it is suitable for the upcoming another disruptive technologies, IoT, from the recent years of news. The payment section continues to be disruptive by using NFC, QR code, …etc., to complete the payments. What’s more, thanks to the potential trend of E Message Service Technology, it is much more convenient for customers to chat with others through mobile phone, and generates a lot of data with it, fitting the hot trend of data analysis of Fintech and IoT from the recent news. For the applied data, Telematics Technology represents a very potential and new
trend that can disrupt the insurance company, making insurance premiums can be automatically adjusted through telematics sensor and data mining and learning algorithm. Additionally, there comes another integrated and potential trend from the applied data in this period, Cloud Computing Platform. With the help of cloud and platform, allowing multiple people can work together and share the information with each other, facilitating the benefits of sharing economy in the modern era.
In summary, during 2011 and 2017, both issued and applied patents of Fintech increases a lot of new technologies, and it is not restricted in the payment section.
Except for the main development and primary potential trend of technologies in both data, it is worthy to pay attention to other non-highest or low-frequent terms in this period, implying a lot of new and innovative technologies have been used or claimed by more and more people, like Artificial Technologies, Robotics, Virtual Reality, Open Data Services, Insurance Computing Systems, and biometric applications, indicating a dramatic widespread and highly competitive environment of Fintech in this period.
4.4 Cross Comparison and Discussions
After analyzing the issued and applied results of each period, we can compare the three periods and compare the different changes and the hidden trends across the periods. The three periods of data has been demonstrated in Figure 16. From the above analyses, we can see that in the first period, the main technological development is Card
and Identification Technology with the potential trends of Reader Technology and E Wallet in the issued data, while the progressing developments are the technologies of payment with potential development of online banking in the applied data. In the second period, identification and automated identification technology of RFID, NFC and Barcode are the primary technology in the issued data, and in the applied data, it starts to come out the application of Mobile payment. For the potential trends of the second period, both data reveals the technologies that are related to the field of security
and Identification Technology with the potential trends of Reader Technology and E Wallet in the issued data, while the progressing developments are the technologies of payment with potential development of online banking in the applied data. In the second period, identification and automated identification technology of RFID, NFC and Barcode are the primary technology in the issued data, and in the applied data, it starts to come out the application of Mobile payment. For the potential trends of the second period, both data reveals the technologies that are related to the field of security