Evident AI Innovation Report

Mapping the race for AI innovation in banking

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The Evident AI Innovation Report provides the most in-depth and up-to-date analysis of AI innovation in the banking sector. The report covers:

Research
Patents
Ventures
Ecosystem

Key Findings

Explore the key findings below or download the full report

1

The AI innovation gap is widening. North American banks lead the way

The top five (predominantly North American) banks have published 67% of the AI research, filed 94% of the AI patents, and made 51% of the AI investments that we have tracked across the banking sector.

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2

JPMorgan Chase leads the field when it comes to AI research, and is doubling down

Canada’s RBC and TD Bank are hot on JPMorgan Chase’s heels, along with payment provider Visa. Of the 650 individuals working in AI research positions across the banks, 40% joined the banks since the start of 2022.

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3

India is emerging as an AI research powerhouse, second only to the US

AI research talent is concentrated in four markets: the United States, India, Canada and the UK.

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4

Banks in the US and Canada are doubling down on AI patents

More than 1,400 patents were filed in 2021 alone. Only six banks are seriously pursuing AI patent registration as a strategy: Bank of America, Capital One, JPMorgan Chase, Wells Fargo, RBC, and TD Bank.

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5

Bank of America’s AI patent dominance is being challenged by Capital One

The escalating pace of patent filing suggests that this is an area where first-mover advantage, along with protective lock-in, is being eagerly sought.

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6

Nearly 15% of all AI patents filed by banks are focused on one competitive area: trading

This is followed closely by payments, user experience (with an NLP focus) and compliance.

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7

Royal Bank of Canada leads the way in terms of “quality” of recent AI patents

8 out of the top 20 most influential patents were filed by RBC, followed by TD Bank and Capital One. Bank of America falls out of the top 5, into 6th position.

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8

Engagement with the open source ecosystem is central to some banks' innovation strategies

Capital One leads the way in terms of active AI/ML repositories on GitHub.

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9

Investment from banks into AI companies is growing

European banks are playing catch-up. 90% of AI-related investments were made by US banks in 2015, but this has since decreased to 60% in 2022.

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10

The top 5 AI investors are all US banks.

Wells Fargo leads, followed by Goldman Sachs and First Citizens (after their acquisition of Silicon Valley Bank) are making the most investments. European banks BNP Paribas, Crédit Mutuel and Barclays make it into the top 10.

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Member Benefit

Compare the AI innovation strategies of individual banks, and dive deeper into sector-wide trends, with access to company-specific Innovation Profiles

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