NEW YORK – JPMorgan (NYSE:JPM) has emerged as the leader in artificial intelligence (AI) banking, according to the latest Evident AI Index, with Capital One and Royal Bank of Canada (TSX:RY) (RBC) not far behind. This ranking showcases the strides North American banks have made in AI adoption, with six from the region securing spots in the top ten.
The Index, which assesses AI maturity in the banking sector, highlights a significant gap within the United States. Out of 15 US banks evaluated, eight are positioned in the top 20, while others rank 30th or lower. This disparity points to varying levels of AI integration and commitment among American financial institutions.
Canadian banks also show strong performance, with four making it into the top 20, reflecting Canada's advanced AI market. In contrast, European banks are facing challenges but still manage to hold ground; UBS and ING are part of the leading group. The UK's HSBC and NatWest have secured 13th and 19th positions respectively, with Barclays (LON:BARC) at 22nd. Despite lagging in research and patent activity, these UK banks are ramping up efforts by accelerating hiring for AI roles.
The Index also includes France's BNP Paribas (OTC:BNPQY) and Société Générale (EPA:SOGN) and Spain's Santander (BME:SAN) and BBVA (BME:BBVA) among the top thirty, indicating a broader international recognition of AI's importance in banking.
Evident CEO Alexandra Mousavizadeh has emphasized generative AI's role in driving banks to prioritize AI adoption. With shareholders demanding insights into the returns on their substantial AI investments, there is a pressing need for banks to restructure their businesses to stay abreast of technological advancements. Mousavizadeh advocates for openness and transparency in leveraging emerging technologies and encourages sharing best practices to remain competitive.
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