Artificial intelligence is a transformative tool for the banking industry, and access to the right talent is one of the biggest challenges right now. JPMorgan has hooked workers by emulating the practices of tech firms, a new report finds.
JPMorgan has topped a new index that ranks some of the world’s biggest banks on their competence in artificial intelligence.
The new Evident AI Index covers the 23 largest banks from North America and Europe and draws upon millions of data points across 143 individual indicators, like total patents, investments, and partnerships. JPMorgan ranked highest for its artificial intelligence use overall, as well as for its volume of AI developers.
To attract and retain talent, banks should emulate tech companies with strategies like AI-specific recruiting, innovation hubs, and giving workers clearance to publish research papers, according to the report.
“Banks need to create the right environment,” Evident cofounder, Alexandra Mousavizadeh, told Insights Distilled. “It’s existential.”
Artificial intelligence offers a wide range of use cases for the banking industry, including fraud detection and prevention, customer service, trade finance, risk assessment, credit underwriting, portfolio management, and more.
For a deeper dive, check out the full report here, which also includes data related to banks’ original AI research, patents, partnerships, investments, and transparency, among other themes. Relatedly, the United States’ National Institute of Standards and Technology just released risk management guidelines for organizations using AI systems.