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JPMorgan Chase leads with AI in banking

by Pieter Werner

In a recent study by Stocklytics.com, JPMorgan Chase has emerged as the leading institution in the adoption of artificial intelligence (AI) within the banking sector. The study, which evaluates over 100 indicators encompassing talent, innovation, leadership, and transparency, has awarded the American multinational finance corporation an AI adoption score of 69.3.

This is attributed in part to its commitment to transparency and ethical practices in the deployment of AI technologies. The bank’s focus on promoting integrity and accountability has been a critical aspect of its approach. Over the past two years, JPMorgan has applied AI-powered large language models for tasks such as payment validation screening. Notably, the bank has increased its share of AI research output significantly, from 30% in 2018 to 45% in 2023, paralleled by substantial investments in AI talent. Currently, JPMorgan boasts a team of over 200 AI researchers, a figure that is substantially higher than its nearest competitor, the Royal Bank of Canada.

Other notable institutions in the AI adoption race include Capital One, scoring 62.4, and the Royal Bank of Canada (RBC), with a score of 51.7. Both banks have shown considerable dedication to AI through patents, research efforts, and partnerships. Capital One, in particular, is recognized for its AI development expertise and data engineering talent.

The broader landscape of AI adoption in banking reveals that North American banks dominate, with six out of the top ten banks in global AI activities being from this region. The United States stands out, with eight of the top 20 banks being American, illustrating the region’s leading role in AI-driven innovation in banking. Canada also shows strong performance with four banks in the top twenty, indicating a robust AI ecosystem. In Europe, banks from the UK, France, Spain, and other countries are making significant advancements in AI adoption and innovation.

The impact of AI on the banking sector is substantial, with projections suggesting that AI could save over $1 trillion for banks and financial institutions by 2030. This transformative technology is expected to continue shaping the future of banking, driving innovation and efficiency across the sector.

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