JPMorgan is followed by Capital One and Royal Bank of Canada (RBC) in the AI banking rankings.
This is according to Evident and its AI Index, which creates a benchmark for commercial AI adoption and performance in the financial services sector.
AI in banking: who is ahead?
The Evident AI Index top ten is as follows:
Six of the top ten banks were held by North American banks, according to Evident. Of the 15 US banks covered, eight ranked in the top 20.
However, the remaining US banks ranked 30th or lower, suggesting quite the gap in the market.
In addition, there are four Canadian banks in the top 20, displaying the maturity of the market in terms of AI.
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Only two UK-based banks placed in the top 20, HSBC (13th) and NatWest (19th), with Barclays in 22nd. BNP Paribas (12th) and Société Générale (20th) represented France which Spain has Santander (21st) and BBVA (26th) in the top thirty.
Alexandra Mousavizadeh, Evident co-founder and CEO, said: “It’s been an epochal period for AI development and commercial adoption. 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. 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.
“There is no doubt that AI will shape the future of the global financial sector, and determine who will remain in the market going forward. AI is absolutely existential for the survival of the banks and given the pace of adoption, it’s critical that we’re able to track AI maturity across the banking sector, helping institutions harness the power of emerging technologies with openness and transparency, and sharing best practice so that all banks can remain competitive in the AI age.”