JPMorgan Chase has secured its position as the premier bank in the realm of artificial intelligence maturity for the second consecutive year, according to the latest Evident AI Index. Capital One and the Royal Bank of Canada are closely following, while European institutions appear to be trailing behind.
The index evaluates banks on various criteria, including AI talent, innovation, leadership, transparency, and outcomes. In this latest ranking, JPMorgan Chase leads the list of 50 financial institutions, reaffirming its dominance in AI capabilities.
North American banks occupy a significant portion of the top rankings, with six out of the ten leading positions. Alongside JPMorgan, Capital One and RBC, the other top-ranked institutions include Wells Fargo, Goldman Sachs, and Citigroup. From the Asia Pacific region, Commonwealth Bank and DBS are featured in the top ten, while UBS and ING represent European banks. Notably, Canada is home to four banks within the top 20.
In contrast, European banks generally find themselves in the middle or lower tiers of the index, with none from the UK making the top 10. Santander leads in Southern Europe at the 21st position, while various Nordic banks rank in the 40s.
As the competition for AI talent intensifies, there has been a notable 10% increase in the availability of AI specialists from May to September 2023, despite a 2.5% overall reduction in workforce numbers.
In terms of innovation, North American banks are making significant strides. JPMorgan and RBC excel in research initiatives, while Capital One and Bank of America are leading in the area of patents. However, DBS stands out with its strong leadership in artificial intelligence.
Dave McKay, CEO of RBC, expressed optimism about the future, stating: “With the advancements in generative AI, we envision a transformative potential for our bank — merging complex real-time data with human creativity to provide outstanding experiences for our clients.”