Banking Giant JPMorgan Chase Aims to Revolutionize The Banking with AI Research
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World’s largest bank JPMorgan Chase has been declared a top bank in artificial intelligence (AI) research. This was According to a recent report by Evident, a benchmarking platform. The report shows that the firm has increased the percentage of AI research output in 2023 from 30% to 45%. The firm made this accomplishment after much investment in AI talent.
JPMorgan Chase Bank Maintains Over 200 AI Researchers
The bank has more than over 200 AI researchers. This figure shows that the firm has four times more AI specialists than its closest rival in Canada, Royal Bank. It also reveals that the bank has AI specialists more than almost half of the ones available amongst the Top 10 banks using AI research.
Being able to research using AI is a skill expected to transform the AI world. Financial institutions rely on published research to display their AI certifications to potential talent, shareholders, and partners.
Last year, the largest bank in the world generated more than 330 AI research papers, which is a 6x rise in industry-wide outturn in five years.
Evident co-founder, Annabel Ayles, revealed that the company’s data indicates the connection between banks that have increased their AI research endeavor in the last five years. It also showed their current top positions, while those who haven’t invested in AI as much find their AI capabilities limited.
The data also shows that BBVA, Goldman Sachs, and HSBC are the major banks to watch out for in 2024. All these banks have improved their AI research teams better than their adversaries in 2023. This places them in a position of achieving numerous profits going forward.
The 10 biggest banks in the AI research sector provided 80% of their total output between 2018 to 2023. The shares generated by banks in the US yearly is close to 70% including only two banks from Europe, Intesa Sampaolo and BBVA. No Asian banks gave a challenge on the ranking.
Top Banks Operate Similarly In The AI Sector
It has been revealed that the top banks are also increasing their investments in AI research. They are equipped with centralized AI capability in their research center. This serves as a significant development to draw and keep top AI talents.
The chief executive officer of Evident, Alexandra Mousavizadeh, said that by generating groundbreaking AI research, banks will be able to proclaim themselves as AI leaders and innovators.
Moreover, it will be difficult for banks to bring in the best talent and showcase their dedication and seriousness in the marketplace without AI research. This is because the serious players in the marketplace are defined by who is AI-set and who is not.