JPMorgan is the bank that invests the most in AI, according to index

The Wall Street bank hires more people with the necessary AI skills, files more patents, and makes more public pronouncements about the uses and implications technology ethicsas shown by the index Evident AI posted on Thursday.

The ranking is based on 143 publicly available data points for 23 major banks. Seven of the top 10 are based in North America, including Royal Bank of Canada and Toronto-Dominion Bank. Canada has been investing heavily in emerging technology and was the first country in the world to publish an AI strategy in 2016.

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By contrast, most European banks are struggling to differentiate themselves or build coherent AI programs on the scale and scope of their US counterparts,” he said in an interview. Annabel Ayles, co-founder and COO of obviously. The three European banks in the top ten list were UBS Group AG, ING Groep NV and BNP Paribas SA.

The survey comes at a time of heightened attention on AI as it leaps from a cutting-edge concept to an everyday tool for data processing and communication. This week, Microsoft Corp. announced a $10 billion investment in OpenAI, whose tool ChatGPT it is trained in searching for data to generate human-like responses.

Companies are expected to spend more than $500 billion on AI software, hardware and services by 2023, according to International Data Corp., while the consultant McKinsey said AI technologies could potentially add up to $1 trillion of value to global banking annually through improvements in areas such as fraud analysis, targeted marketing and automated accounting.

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However, there is also a “fundamental” lack of transparency in how large companies invest in AI, according to Alexandra Mousavizadehco-founder and CEO of Evident. “We are opening this black box of very different approaches to AI adoption through this data”