Key Insights
Key takeaways from
"The global standard benchmark of AI maturity" report published by Evident
CFTE summarised “The global standard benchmark of AI maturity” report by Evident. The report explore the latest Evident AI Index rankings, key findings, and the methodology driving the world’s first “outside-in” benchmark of AI maturity in banking.
Key Aspects
- The November 2023 Index covers 50 of the largest banks in North America, Europe, and Asia. Each bank is assessed on 100+ individual indicators drawn from millions of publicly available data points specific to four pillars: Talent, Innovation, Leadership, and Transparency.
Table of Contents
- Executive Summary
- Rankings
- Methodology
- Bank Profiles
- Chapter 1 | The Results
- Key Findings by Pillar
- a. Chapter 2 | Talent
- b. Chapter 3 | Innovation
- c. Chapter 4 | Leadership
- d. Chapter 5 | Transparency
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Key Findings and Insights
This report will give you an insight into:
- JPMorgan Chase leads the Evident AI Index rankings for the second year running, followed by Capital One and Royal Bank of Canada. These three leaders are breaking away from the rest of the pack, with a consistently strong performance across all four pillars of the Index.
- North American banks continue to dominate, holding 6 of the top 10 positions. In addition to the three North American leaders, Wells Fargo, Goldman Sachs and Citigroup all make it into the top 10.
- CommBank and DBS—the Asia-Pacific leaders—debut in the top 10. Both banks excel in coordination and communication of AI strategy, a continuing area of under-performance across many banks in the Index.
- UBS and ING continue to lead the way in Europe. Both hold onto their top 10 positions in the ranking. BNP Paribas trails just behind in 12th, followed by HSBC in 13th
- Canadian banks are consistently strong. 4 out of 5 Canadian banks rank in the top 20. Following Royal Bank of Canada, TD Bank ranks 11th, Bank of Montreal ranks 16th, and Scotiabank ranks 18th.
- The US market is heavily bifurcated. While 8 of the 15 US banks we cover rank in the top 20, 7 banks rank 30th or lower. In an increasingly competitive market, the lagging (typically smaller, regional) US banks have work ahead of them.
- European banks are generally lagging behind their North America peers. While we see some Western Europeans in the top 10, most rank towards the middle of the Index or lower. No UK banks make it into the top 10; Santander leads the Southern Europeans in 21st; and the Nordic banks rank in the 40s.
- The race for AI talent is “hotting up”. Across the banks we have seen a 10 percent increase in volume of AI talent from May to September 2023, against a 2.5 percent reduction in overall headcount. Capital One is the global leader. UBS leads in Europe, supported by its rescue of Credit Suisse in June.
- North American banks dominate the Innovation pillar, with varying areas of strength. JPMorgan Chase and Royal Bank of Canada lead on AI Research; Capital One and Bank of America lead on AI patents; and Goldman Sachs leads the way on AI-related ventures. ING is the only European bank to make it into the top 10.
- JPMorgan Chase loses out on the top spot in AI Leadership to new entrant DBS. DBS dominates both in terms of the bank’s external AI narrative and the AI focus of its Executive team, ahead of CommBank in 3rd, and BNP Paribas in 4th.
- While still nascent, banks are increasingly transparent about their Responsible AI activities. JPMorgan Chase leads the way in the Transparency pillar, employing dedicated RAI teams; publishing RAI-focused research; establishing partnerships with academic players; and cementing responsible AI at the heart of the bank’s AI agenda. HSBC leads the European pack.
- We’re seeing widespread urgency across all banks in the Index. The leaders are forging ahead; the “challengers” are racing to catch-up; and banks lower in the Index are only now gearing up. Banks that don’t pick up their pace will rapidly find themselves left behind.
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