Evident AI Index: Pioneers of Artificial Intelligence in the Financial Industry
Summary
Created by Evident, the leading AI benchmarking and intelligence platform, the Evident AI Index has become a prominent independent benchmark for evaluating the adoption and performance of AI in the financial services sector. Introduced in January 2023, the Index assesses […]
Created by Evident, the leading AI benchmarking and intelligence platform, the Evident AI Index has become a prominent independent benchmark for evaluating the adoption and performance of AI in the financial services sector. Introduced in January 2023, the Index assesses the effectiveness of commercial financial services and banks in developing, adopting, and implementing AI throughout their organizations.
Through a combination of extensive manual research, automated data collection from public sources, consultation with a network of AI experts, and ongoing dialogue with featured banks, Evident has compiled a list of the banks that are leading the AI race today.
The global frontrunner in AI banking: JPMorgan Chase
Maintaining its position as the leader in AI innovation, JPMorgan Chase has emerged as the top-ranked bank in the Index, outperforming the broader market in AI research. Furthermore, it excels in transparency, as it prioritizes responsible AI practices across the organization.
As stated by Teresa Heitsenrether, Chief Data & Analytics Officer at JPMorgan Chase, „The Evident AI Index sheds light on the increasingly significant impact of artificial intelligence on the financial services industry. We are proud that our AI talent, insights, and solutions have once again been recognized as best-in-class. We remain committed to investing in these capabilities to better serve our clients and communities.“
Leading banks excelling in the four pillars of AI maturity
In terms of AI maturity, Capital One and the Royal Bank of Canada (RBC) join JPMorgan Chase as the top three banks. These banks have consistently demonstrated strength in AI patents, research, and partnerships throughout 2023. Capital One has notably surpassed JPMorgan Chase in AI development and data engineering talent metrics.
Other notable banks that have performed exceptionally well across various areas include Wells Fargo, UBS, and CommBank. In fact, UBS ranks third in terms of talent capabilities required to scale AI, while CommBank represents Australia as the sole bank in the top 10.
FAQ:
Q: What is the Evident AI Index?
A: The Evident AI Index is a benchmarking tool that evaluates the adoption and performance of AI in the financial services sector.
Q: Which bank leads in AI maturity?
A: JPMorgan Chase is the leading bank in AI maturity according to the Evident AI Index.
Q: Which banks are the top three in the AI race?
A: The top three banks in the AI race are JPMorgan Chase, Capital One, and the Royal Bank of Canada (RBC).
Q: Which region dominates the AI race?
A: North America dominates the AI race, with six out of the top 10 banks based in this region.
Q: How are the rankings determined?
A: The rankings are determined by assessing AI patents, research, partnerships, and talent capabilities of the featured banks.
Q: What is the significance of AI in the banking sector?
A: AI is considered crucial for the future of the global financial sector. Banks need to embrace AI to remain competitive and ensure their survival in the evolving market.
Q: How does the Evident AI Index contribute to the development of AI in banking?
A: The Evident AI Index helps track AI maturity across the banking sector, encouraging openness, transparency, and the sharing of best practices among institutions.