Following JPMorgan Chase, the top three banks for AI maturity are Capital One and the Royal Bank of Canada, which have maintained their rankings from the previous year.

The 2024 Index shows that while North American banks are advancing rapidly in AI adoption, banks from APAC and Europe, including CBA, are quickly catching up.

RBC has established Responsible AI Principles to ensure accountability, fairness, privacy, security, and transparency in its AI initiatives.

JPMorgan Chase continues to lead the banking sector in artificial intelligence (AI) adoption, as highlighted in the latest Evident AI Index.

The bank has experienced a 16% increase in AI talent over the past year, boasting more AI researchers than its seven largest competitors combined.

CBA is also making strides in AI, launching initiatives such as an 'AI for All' microlearning series and partnering with AWS to create an AI Factory.

In response to the competitive landscape, HSBC and Morgan Stanley are intensifying their AI efforts, with HSBC recently appointing a new CIO.

JPMorgan Chase anticipates generating nearly $2 billion in returns from its AI investments this year, particularly focusing on fraud prevention.

To prepare for an AI-driven future, JPMorgan Chase is providing comprehensive training programs for its employees, including senior executives.

RBC's improved rankings in the Talent and Innovation pillars of the AI Index are attributed to new employee training initiatives and ongoing AI partnerships.

RBC's CEO, Dave McKay, has emphasized the bank's commitment to leveraging AI to enhance client experiences and redefine the banking landscape.

Since its launch of Borealis AI in 2016, RBC has focused on developing innovative AI solutions tailored to financial services challenges.