lang icon English
Oct. 17, 2024, 8:52 a.m.
1150

Top Banks Dominate 2024 AI Index with Rapid Advancements

In the past year, major banks have engaged in a competitive push toward artificial intelligence (AI), as highlighted by Evident's 2024 AI Index, which ranks the top banks in the field. JPMorgan Chase, Capital One, and the Royal Bank of Canada were recognized as the leading AI institutions, with Morgan Stanley, TD Financial Group, and HSBC making their debut in the top ten. Wells Fargo, Citi, CommBank, and UBS also featured in the rankings. Evident's data scientists evaluate 50 large banks globally based on AI talent, innovation, leadership, and transparency, primarily using public data. CEO Alexandra Mousavizadeh noted the unprecedented competitive climate this year, stating that leading banks are advancing their AI initiatives at twice the speed of others. JPMorgan Chase and Capital One are quickly deploying AI projects, with JPMorgan projecting potential returns between $1 billion and $2 billion through various operational efficiencies. The bank is also integrating AI assistants for its 140, 000 employees and has established a strong AI research unit.

Capital One has expanded its AI talent and moved its technology to the cloud, enhancing its agility. HSBC and Morgan Stanley are increasing their AI efforts to catch up with U. S. leaders. As AI deploys and matures, those leading in innovation may gain significant market advantages that might become difficult and costly for lagging banks to overcome. While the AI Index is noted for praising large banks with in-house capabilities, some experts argue that smaller banks, leveraging technology partners, may be more adaptable. They suggest that metrics like effective use cases and customer outcomes may outweigh simplistic assessments based on scale or the number of patents.



Brief news summary

The 2024 AI Index by Evident reveals heightened competition in the banking sector's artificial intelligence (AI) landscape over the past year. Noteworthy institutions such as JPMorgan Chase, Capital One, and the Royal Bank of Canada have made significant strides in their AI efforts. For the first time, Morgan Stanley, TD Financial Group, and HSBC have joined the ranks of the top ten, alongside established names like Wells Fargo and Citi. The index evaluates 50 global banks on criteria including AI talent, innovation, and transparency, illustrating a rapidly evolving competitive atmosphere. CEO Alexandra Mousavizadeh emphasized the industry's shift towards prioritizing return on investment. Notably, JPMorgan Chase projects AI-related revenues could reach $2 billion, primarily through improved fraud prevention tactics. Both JPMorgan and Capital One are at the forefront of AI development; JPMorgan employs AI assistants to boost research capabilities, while Capital One is expanding its AI team and advancing towards cloud solutions. As HSBC and Morgan Stanley step up their AI initiatives, the competition may intensify. However, the AI Index has faced scrutiny regarding possible biases in favor of larger banks, leading to calls for a greater focus on practical applications and effective strategies in this rapidly evolving field.

Watch video about

Top Banks Dominate 2024 AI Index with Rapid Advancements

Try our premium solution and start getting clients — at no cost to you

I'm your Content Creator.
Let’s make a post or video and publish it on any social media — ready?

Language

Hot news

Oct. 19, 2025, 2:23 p.m.

PR Newswire Leads in SEO and AI Search, Drives Do…

NEW YORK, Oct.

Oct. 19, 2025, 2:19 p.m.

Former CEO John Sculley says this AI company is A…

Former Apple CEO John Sculley considers OpenAI as Apple’s first significant competitor in many years, highlighting that AI has not been a particular strength for Apple.

Oct. 19, 2025, 2:19 p.m.

Meta Unveils Real-Time AI Marketing Suite with 95…

Meta, a leading technology company renowned for its innovations in artificial intelligence and digital marketing, has launched a groundbreaking real-time AI marketing suite aimed at significantly improving the accuracy of consumer targeting.

Oct. 19, 2025, 2:11 p.m.

Senate GOP Committee Shares AI-Made Video of Schu…

In October 2025, the National Republican Senatorial Committee (NRSC) released a highly controversial AI-generated video showing Senator Chuck Schumer seemingly celebrating a government shutdown.

Oct. 19, 2025, 2:08 p.m.

TSMC raises sales outlook on ‘very strong’ AI dem…

A necessary component of this site failed to load.

Oct. 19, 2025, 10:21 a.m.

Companies are blaming AI for job cuts. Critics sa…

Twenty20 Across industries from technology to airlines, major global firms have been cutting staff amid the tangible impacts of artificial intelligence (AI), causing anxiety among employees

Oct. 19, 2025, 10:20 a.m.

AI-Generated Videos: The Future of Personalized M…

In today’s fast-changing digital environment, marketers are increasingly leveraging artificial intelligence to transform consumer engagement.

All news

AI team for your Business

Automate Marketing, Sales, SMM & SEO

and get clients on autopilot — from social media and search engines. No ads needed

and get clients today