Editor's letter

AI still the talk of the town? 

Earlier in the year, nobody could keep quiet about the incoming rise of AI. Some banks are embracing the technology. For the second year in a row, JPMorgan Chase has been named the leading global bank in terms of AI maturity. JPMorgan is followed by Capital One and Royal Bank of Canada (RBC) in the AI banking rankings. 

This is according to Evident and its AI Index, which creates a benchmark for commercial AI adoption and performance in the financial services sector. Six of the top ten banks were held by North American banks, according to Evident. Of the 15 US banks covered, eight ranked in the top 20. However, the remaining US banks ranked 30th or lower, suggesting quite the gap in the market. 

In addition, there are four Canadian banks in the top 20, displaying the maturity of the market in terms of AI. Financial institutions need to act as AI is not going away. If not embraced, the companies might be ones leaving the sector instead. 

Patrick Brusnahan, editor