NEW YORK– A new report offers insights into a growing gap in artificial intelligence between the largest banks and other banks.
The new report, from data start-up Evident, Evident rates institutions on four main areas — talent, innovation, leadership and transparency — and uses publicly available data such as news releases, research papers and job data.
The company nearly doubled the number of banks it rates to 50, by expanding eligibility to institutions with $200 billion in total assets and including lenders in the Asia-Pacific region, according to the New York Times.
The Top 10
According to Evident, the top 10 banks in AI are:
- JPMorgan Chase
- Capital One
- Royal Bank of Canada
- Wells Fargo
- UBS
- CommBank
- Goldman Sachs
- ING
- Citigroup
- DBS
“I don’t think there’s a single bank in the index that hasn’t doubled down on AI,” Alexandra Mousavizadeh, Evident’s CEO, told the New York Times.
JPMorgan, which led the last survey, was again on top, ranking first or second in each of the four main criteria.
But the Evident analysis showed Capital One, a new entrant to the list, has come on strong. It ranked first in talent, with the highest proportion of AI developers and engineers to overall head count of any institution. And in May, it hired Prem Natarajan, a former executive at Amazon’s Alexa business, as its chief scientist and head of enterprise AI.
Where Banks are Focused
“Banks have increasingly focused on generative A.I. — spurred by the rise of tools like ChatGPT — for help in customer service, fraud detection and more,” the report states. “Banks are taking different steps to show their AI credentials. JPMorgan and the Royal Bank of Canada are leaders in research, while Capital One and Bank of America (15th) are among the most prolific in seeking patents.”
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