JPMorgan Chase is now the leading bank in terms of AI use. According to the most recent Evident AI Index, it leads big banks in AI talent and research. According to a survey issued on Thursday, JPMorgan has not just the greatest AI talent, but also more AI-focused researchers than its seven major competitors combined.
Annabel Ayles, co-founder and CEO of Evident, verified JPMorgan’s leadership in AI development. She stated: “JPMorganChase is unquestionably still the bank to beat when it comes to AI maturity.” Given the bank’s huge size and complexity, their success with AI is particularly astounding.
JPMorgan began investing in AI long before the hype around AI chatbots like ChatGPT peaked in late 2022. Indeed, Manuela Veloso, the bank’s head of AI research, joined the organization in 2018. Since then, it has created over 400 distinct applications for AI technology, ranging from fraud protection to optimizing corporate operations. This investment is already paying off, with the bank expected to earn about $2 billion in profits from AI this year.
Daniel Pinto, JPMorgan’s president, emphasized the long-term importance of AI. He said, “We think that artificial intelligence, large language models will have…a big impact in improving processes and efficiencies in the operational services that we have.” In other words, AI will continue to enhance how the bank operates, making it faster and more efficient.
JPMorgan is not the only bank pursuing AI, but it has clearly surpassed its competitors. Since Evident’s rankings began in 2023, the top four banks in AI adoption have stayed same, although their growth has increased. Alexandra Mousavizadeh, another co-founder and co-CEO of Evident, stated that the top banks are “just pulling ahead and leading more.”
Evident’s index ranks 50 banks from North America, Europe, and Asia-Pacific, assessing their AI advancement in categories like as talent, innovation, and transparency. While all banks have increased their AI efforts since last year, the top ten institutions are moving twice as quickly as others. The disparity in AI adoption is causing a visible gap in the banking business.
However, several banks demonstrate that it is still possible to catch up. Morgan Stanley, for example, rose seven places to into the top ten this year. Morgan Stanley joined with AI startup OpenAI in early 2023, becoming the company’s only wealth management partner. Since then, the bank has introduced two AI tools: a chatbot to aid financial advisers and a generative AI assistant based on GPT-4.
While some banks are moving rapidly, Mousavizadeh warned that others may be too far behind to catch up. She said, “If you’re slightly standing still, when does it become very impossible to catch up? I would guess we are 18 months away from that.”
Finally, JPMorgan Chase is leading the pace for AI adoption in the financial sector, with some institutions catching up and others perhaps falling behind. The battle for AI leadership continues, but the gap between the leaders and the others is growing.
Original source: Rocio Fabbro, published by The Dow on October 17, 2024. You can check out the full article here.
Hi, I'm Voss Xolani, and I'm passionate about all things AI. With many years of experience in the tech industry, I specialize in explaining the functionality and benefits of AI-powered software for both businesses and individual users. My content explores the latest AI tools, offering practical insights on how they can streamline workflows, boost productivity, and drive innovation. I also review new software solutions to help readers understand their features and applications. Beyond that, I stay up-to-date with AI trends and experiment with emerging technologies to provide the most relevant information.