Evident AI Index puts JPMorgan Chase as the top bank for artificial intelligence
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The annual Evident AI Index ranked JPMorgan Chase as the world’s top bank for artificial intelligence maturity for the second year in a row.
Right after JPMorgan, the Index placed Capital One and Royal Bank of Canada. However, the Index also revealed that European lenders are lagging behind, scoring lower than their peers from the other side of the Atlantic.
North America takes the lead while EU and Asia Pacific fall behind
The Index ranked firms after assessing them on AI talent, leadership, innovation, outcomes, and transparency, and out of 50 spots, JPMorgan Chase managed to rank as number #1 for the second year in a row.
It, as well as several other North American banks, dominate the index, with six of them reaching the top 10 positions. As mentioned, JPMorgan, Capital One, and Royal Bank of Canada are at the top, followed by Wells Fargo, Goldman Sachs, and Citi.
After those banks, there are only two from Asia Pacific in the top 10, including CommBank and DBS. There are also two more banks from Europe — UBS and ING. Canada also stands out among individual countries, with four of its banks holding positions among the top 20 aording to the Index.
While more advanced in other fields, European banks are clearly lagging behind North American ones when it comes to artificial intelligence, with most of those that even made the Index ranking either in the middle or in lower positions.
For example, not a single bank from the UK managed to reach the top 10 list, and Santander, which took the lead among Southern Europe, only managed to score 21st. As for Nordic banks, they rank among the 40s.
The banks are actively going for AI talents
The Index reveals that European banks will have to step up their game in 2024 if they wish to improve their positions, as the race for AI talent is rapidly heating up. Between May and September of this year, the banks have increased the volume of AI talent by 10%, compared to a 2.5% reduction in overall headcount.
North American financial institutions are taking the lead in terms of innovation, with JPMorgan and RBC being the first when it comes to research. In terms of patents, the top spots went to Capital One and the Bank of America. As for AI leadership, DBS took the lead by a large margin.
Commenting on the results of the Index and the bank’s general efforts, RBC CEO, Dave McKay, stated that the Royal Bank of Canada sees a future where AI technology can redefine what banks can do. It sees a world where bringing together human creativity and complex real-time data sets can lead to the creation of exceptional experiences for the banks’ clients.
