美联储-金融创新者的人工智能创新：来自美国专利的证据（英）-2025.12-50页.pdfVIP

ArtificialIntelligenceInnovationbyFinancialInnovators:

EvidencefromUSPatents

JeanXiaoTimmerman∗

October14,2025

Abstract

Thispaperexaminestheevolutionofartificialintelligence(AI)patentrates

(i.e.,thenumberofAIpatents/numberoffirmsofthesametype)andconcentration

metrics(i.e.,theHerfindahl-HirschmanIndex(HHI)andGinicoefficient)among

financialmarketparticipantsfrom2000to2020.Itdocumentsthehistoricaltra-

jectoriesofAIinnovationforregulatedbankingentitiesandless-regulatedfirms,

revealingthatnonfinancialcompaniesexhibitthehighestbaselineAIpatentrate,

whilebanksshowthehighestgrowthinAIpatentrateovertime.Bankshavethe

highestHHI,andnonfinancialcompanieshavethehighestGinicoefficient,suggest-

ingthatasmallnumberofbanksdominateAIinnovationandthedistributionof

AIinnovationatnonfinancialfirms–thoughhigherinnum