Identifying FinTech innovations using BERT

Doina Caragea, Mark Chen, Theodor Cojoianu, Mihai Dobri, Kyle Glandt, George Mihaila

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract / Description of output

Advancements in technology have resulted in the emergence of numerous FinTech innovations. However, a global understanding of such innovations is limited, due to a lack of an underlying taxonomy and benchmark datasets in the FinTech domain. To address this limitation, we develop a FinTech taxonomy and manually annotate a set of FinTech patent abstracts according to the taxonomy. We use the annotated dataset to train deep learning models, specifically recurrent neural networks and convolutional neural networks combined with state-of-the-art BERT transformers. Experimental results show that the deep learning models can accurately identify FinTech innovations. We use our best performing BERT-based model on a large dataset of financial patent abstracts, and shortlist a set of 25,580 FinTech patent applications submitted to the European and US Patent Offices between 2000 and 2017. We illustrate how an analysis of the shortlisted set can be used to gain understanding of what FinTech innovations are, where and when they emerge, and provide the basis for further work on what their impact is on the companies investing in them, and ultimately on society.

Original languageEnglish
Title of host publicationProceedings - 2020 IEEE International Conference on Big Data, Big Data 2020
EditorsXintao Wu, Chris Jermaine, Li Xiong, Xiaohua Tony Hu, Olivera Kotevska, Siyuan Lu, Weijia Xu, Srinivas Aluru, Chengxiang Zhai, Eyhab Al-Masri, Zhiyuan Chen, Jeff Saltz
PublisherInstitute of Electrical and Electronics Engineers Inc.
Number of pages10
ISBN (Electronic)9781728162515
Publication statusPublished - 10 Dec 2020
Event8th IEEE International Conference on Big Data, Big Data 2020 - Virtual, Atlanta, United States
Duration: 10 Dec 202013 Dec 2020

Publication series

NameProceedings - 2020 IEEE International Conference on Big Data, Big Data 2020


Conference8th IEEE International Conference on Big Data, Big Data 2020
Country/TerritoryUnited States
CityVirtual, Atlanta

Keywords / Materials (for Non-textual outputs)

  • BERT
  • deep learning
  • financial technologies
  • FinTech
  • patent classification


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