09 February 2024

JPMorgan Chase dominates AI research in banking

Written By FinTech Alliance

JPMorgan Chase dominates AI research in banking

JPMorgan Chase has consolidated its reputation as an AI research powerhouse, according to new data from benchmarking platform Evident.

In brief:

- The figures suggest that 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 employs over 200 AI researchers, more than four times that of its nearest rival Royal Bank of Canada and nearly half of the talent pool available across the Top 10 banks for AI research.

- The data identifies HSBC, BBVA and Goldman Sachs as key banks to watch in 2024, with all of them growing their AI research teams more than their rivals in 2023, making them well-positioned to achieve outsized gains moving forward.

What does this mean?

Annabel Ayles, Evident co-founder and co-CEO says: “Our data shows a clear correlation between the banks that doubled down on AI research five years ago and their current leadership position, while those that haven’t made the same kind of investment are finding their AI capabilities constrained."

Read more here.

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