UBS only European bank in top 10 of AI adoption as JPMorgan Chase leads
UBS is now the only European lender among the top 10 banks judged most advanced in adopting artificial intelligence, after HSBC dropped out of the top tier of the Evident AI Index, while JPMorgan Chase widened its lead and North American banks tightened their grip.
A recent ranking by firm Evident places Switzerland's UBS as the only European bank in the top ten for AI adoption among major banks globally. North American lenders, led by JPMorgan Chase, continue to lead the way. Evident's ranking assessed 50 large lenders across North America, Europe, and Asia-Pacific, using only publicly available data.
The top 50 banks have employed AI in over 1,100 distinct ways since 2021, with UBS moving up one spot to sixth place this year. European banks dominate the next ten positions, including Lloyds Banking Group at 15th, NatWest at 17th, and Barclays at 19th. JPMorgan Chase maintained its lead over Capital One, while Royal Bank of Canada and Australia's CommBank rounded out the top five.
The report found that AI capabilities in banks have improved nearly three times as fast in the past year compared to the three previous years, as the technology is being deployed to detect fraud, write software, vet loans, and assist advisers. Despite concerns over AI's impact on job loss, Evident found that leading banks are still hiring AI specialists and prioritizing growth over cutting jobs.
Software implementation roles grew by 4.3% across the 50 banks, with US bank Morgan Stanley reinvesting more than one million developer hours saved by its DevGen.AI platform. Twelve banks now report a realized or projected return on AI investments, up from eight in the previous year. With AI budgets at record levels, banks that can demonstrate returns on their investments will likely continue to receive funding.
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