KEY FINDINGS

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1

Innovation leaders

JPMorgan Chase, Capital One, and Royal Bank of Canada lead their wider peer set—and represent the only three banks to place among the top-5 across multiple sub-pillars of Innovation.

2

Head start

North American banks dominate the Innovation pillar, occupying 9 out of the top 10 slots (with ING the only European contender). Many of these banks benefit from a significant head start with respect to building AI capabilities.

3

The winners are (still) winning

An analysis of key metrics contributing to each of the levers identified above reveals the established leader in November 2023 remains the current leader as of March 2024, with no significant reshuffling of the established leaderboard.

4

AI Research

JPMorgan Chase dominates the AI research landscape within the banking sector, responsible for 45% of all AI research published by the banks in 2023 (up +15% since 2018).

5

AI Patents

Capital One and Bank of America dominate the AI patent landscape. They were responsible for 66% of all patents filed by the banks in the 12-month period ending in June 2022.

6

AI Ventures

While Goldman Sachs leads in overall deal flow (accounting for 17% of all AI-focused investments from Index banks across 2010– 2023), Citigroup took the lead in recent AI venture activity (accounting for 13% of all AI-focused investments in 2023).