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.
Top Banks Dominate 2024 AI Index with Rapid Advancements
NEW YORK, Oct.
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