Investing in young fintechs can help FinServs in both tangible and intangible ways: It can drive incremental efficiencies and allow them to imagine the evolution of banking.
Of the 60 largest North American and European banks, five US banking giants – Wells Fargo, Goldman Sachs, First Citizen, Citigroup, and JPMorgan Chase – were responsible for almost 50% of industry deals between 2017 and 2022. These heavy-hitters are building themselves a significant advantage, according to Evident.
“Pulling the different levers of AI innovation not only helps to drive efficiencies in day-to-day banking operations, but it offers a map to the future of the industry and the opportunity to fundamentally reimagine what it means to be a bank,” according to Evident AI cofounder Alexandra Mousavizadeh.
A previous Evident AI study found that JPMorgan has snapped up more AI-focused talent than 22 other big banks.
For more on banks’ AI patents, open source projects, and partnerships find the full report here.