August 3, 2023
A report from Evident reveals that North American banks are at the forefront of the global race to revolutionize the banking sector with AI-first strategies.
J.P. Morgan Chase spearheads the AI research realm, while Capital One excels in AI patents, and Wells Fargo leads in AI investments. Notably, other top performers include Royal Bank of Canada, TD Bank, Goldman Sachs, and First Citizens (successor to Silicon Valley Bank).
The report found that North American banks published 80% of all bank AI research in 2022 and made 60% of all bank AI-related investments. They also filed 99% of all AI-related bank patents in 2021. This puts North American banks well ahead of their global competitors, who are still playing catch-up.
According to the report, the banks employed 650 AI researchers, with J.P. Morgan Chase adding 40 in 2022. Some banks invest in AI companies to ensure future success, but smaller banks and credit unions lag in AI adoption, negatively impacting consumer experiences. Although several banks have developed AI laboratories or even full “AI factories,” just six North American banks, including those from the United States and Canada, are proactively pursuing patent registration in areas such as marketing.
Furthermore, while American banks lead internationally, European banks excel in early-stage AI investments, and Ant Financial has eclipsed J.P. Morgan Chase in the publication of AI research publications.
The sources for this piece include an article in Axios.
