A new study shows that JPMorgan Chase is a clear frontrunner among institutions adopting artificial intelligence (AI) in promoting customer satisfaction and innovation.
The report by Stocklytics.com reveals that the American multinational finance corporation boasts an impressive AI adoption score of 69.3. This score is based on over 100 indicators in talent, innovation, leadership, and transparency.
Edith Reads, a Stocklytics financial expert said, “A key factor contributing to JPMorgan Chase’s performance is its emphasis on transparency and ethical practices in deploying AI.
“The bank has focused on ensuring the use of AI technologies, earning recognition for promoting integrity and accountability throughout its organization.”
World’s leading AI bank, JPMorgan Chase
JPMorgan has used the underlying AI-powered large language models for payment validation screening for over two years. The banking giant has steadily increased its share of AI research output from 30% in 2018 to 45% in 2023 amidst heavy investment in AI talent.
The bank boasts a team of over 200 AI researchers, surpassing its closest competitor, Royal Bank of Canada, by more than fourfold. The figure accounts for nearly half of the talent pool across the Top 10 banks dedicated to AI research.
Teresa Heitsenrether, Chief Data & Analytics Officer at JPMorgan Chase, said, “We are proud that our AI talent, insights, and solutions were once again recognized as best-in-class, and we are committed to continuing to invest in these capabilities to help us serve our clients and communities better.”
Notable contenders in the global AI race
While JPMorgan Chase leads the way, other significant players in the race for AI excellence include Capital One, with 62.4. and Royal Bank of Canada (RBC) with 51.7.
The two banks have shown dedication to AI through patents, research efforts, and partnerships, establishing themselves as players in the AI field.
Capital One stands out for its expertise in AI development and data engineering talent, demonstrating a level of skill in fostering AI capabilities among its staff.
Other banks, like Wells Fargo, UBS, and CommBank, have also earned recognition for advancing AI. UBS holds the third position across all areas of talent capabilities crucial for scaling AI.
Top AI statistics
North American banks hold the largest market share in global AI activities, with six of the top ten banks coming from the region. Furthermore, eight of the top 20 banks are American, further solidifying the region’s position as a frontrunner in pioneering AI-driven innovation within the banking sector.
Similarly, Canada emerges as a significant contender, with four of its banks securing spots in the top twenty, showcasing the strength of the nation’s AI ecosystem.
The European landscape also exhibits notable AI prowess, with banks from the UK, France, Spain, and beyond making significant strides in AI adoption and innovation.
As AI transforms the future of banking, this powerful technology is expected to save more than $1 trillion for banks and financial institutions by 2030.
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