Newly released data from AI benchmarking and intelligence platform Evident has revealed that JPMorgan Chase has further established its status as an AI research powerhouse. This finding aligns with the UK government's recent announcement to invest more than £100 million in supporting AI innovation and regulation and the launch of nine new research hubs focused on AI.
The Evident's first monthly Dispatch report shows that the banking leader has consistently elevated its share of AI research output, moving from 30% in 2018 to 45% in 2023. This impressive record is largely attributable to the bank's investment in expert AI research personnel. JP Morgan is noted to employ over 200 AI researchers, a figure which stands at approximately four times that of its nearest challenger in research, the Royal Bank of Canada. This gives the bank almost half (48%) of the entire talent pool available across the Top 10 banks for AI research.
Joining JPMorgan Chase, three other banks - HSBC, BBVA and Goldman Sachs - have also enjoyed significant growth in their published AI research papers compared to their past output. The report noted that these three banks increased their AI research teams more than their rivals during 2023 and are thus primed for substantial progress in the future.
Annabel Ayles, Evident Co-founder and Co-CEO stated: "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."
According to the Evident Dispatch, AI research is increasingly recognised as necessary for future AI success. The world's biggest banks produced over 330 research papers concerned with AI in the last year, indicating a six-time increase in industry-wide output over the past five years. Alexandra Mousavizadeh, Evident Co-Founder and CEO, commented: "Producing cutting edge AI research is how the banks are able to assert their strategic positioning as AI innovators and leaders."
Evident's report also pointed out the common elements among the Top 10 banks for AI research. These banks have all concentrated their AI capabilities in a dedicated Research Lab or centre of excellence, a key factor in retaining and attracting premier talent. The comprehensive Top 10 for AI research includes JPMorgan Chase, Royal Bank of Canada, TD Bank, Capital One, Wells Fargo, Intesa Sanpaolo, CommBank, BBVA, Morgan Stanley and Goldman Sachs.
The grand total of AI research output between 2018-2023 by these top 10 banks accounted for more than 80% of total industry output. Furthermore, Evident's research indicated that the number of banks participating actively continues to increase, with 40 out of the 50 banks included in the Evident AI Index having published at least one AI research paper since 2018, up from only 13 banks in 2018.