Alexandra Mousavizadeh and Annabel Ayles / Evident
JP Morgan named leading global bank for AI research for 2nd year running
European banks are struggling to maintain their positions in the top 10, while North American banks continue to dominate
For the second year in a row JP Morgan has topped the Evident AI Index ranking for the development, adoption and commercialisation of artificial intelligence among banks globally.
Among the four metrics measured by Evident, JP Morgan came first for innovation (published research and patents) and transparency (efforts to reinforce responsible AI practices across the bank), while slipping to second place for talent and leadership in its public communications.
In second place this year came credit lender Capital One and the Royal Bank of Canada came in third place, with both performing strongly across all of the index’s metrics.
Meanwhile, six of the top 10 positions in the 2023 index are held by North American banks, demonstrating the continent’s leadership in AI.
Teresa Heitsenrether, chief data and analytics officer at JP Morgan Chase said: “We are proud that our AI talent, insights and solutions were once again recognized as best-in-class and we are committed to continuing to invest in these capabilities to help us serve our clients and communities better.”
Only two European banks made it into the top 10, UBS and ING, with the region continuing to lag behind its North American counterparts.
The UK meanwhile had just two headquartered institutions placed in the top 20, with HSBC in 13th place and NatWest in 19th place.
“The emergence of Generative AI has helped make AI a top priority for the banks, while shareholders have begun pushing for updates on how and where these institutions are drawing value from their significant investments,” Alexandra Mousavizadeh, Evident CEO and co-founder said.
“A sense of urgency is taking hold within the banks to accelerate the pace of business restructuring and ensure that the right capabilities are in place to harness the front end of AI development.”