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JPMorgan Chase tops bank AI index

JPMorgan Chase tops bank AI index

JPMorgan Chase is the world's top bank for artificial intelligence maturity, with Capital One and Royal Bank of Canada hot on its heels but European lenders lagging behind, according to the annual Evident AI Index.

For the second year in a row, JPMorgan Chase is ranked first of 50 in the index, which assess firms on AI talent, innovation, leadership, transparency and outcomes.

North American banks dominate the index, with six of the top 10 positions: JPMorgan, Capital One and RBC are joined by Wells Fargo, Goldman Sachs and Citi.

CommBank and DBS represent Asia Pacific in the top 10, while Europe has UBS and ING. Canada has four banks in the top 20.

Overall, European banks are lagging behind their North American peers. Most rank towards the middle of the index or lower. No UK banks make it into the top 10, while Santander leads the Southern Europeans in 21st, and the Nordic banks rank in the 40s.

Meanwhile, the race for AI talent is hotting up, with a 10% increase in volume of AI talent from May to September 2023, against a 2.5% reduction in overall headcount.

North American banks dominate in innovation, with JPMorgan and RBC leading on research and Capital One and Bank of America on patents. However, DBS takes the top spot in AI leadership.

Dave McKay, CEO, RBC, says: "Alongside advancements in generative AI, we see a future where this technology can redefine what our bank can do — bringing together complex real-time data sets and human creativity to deliver exceptional experiences for our clients."

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