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.   

New research from benchmarking firm Evident AI shows how banks’ corporate venture funds are making waves in artificial intelligence investing. 

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.