Following a significant influx of new artificial intelligence startups like OpenAI, a brand-new U.K. business claims it can monitor and rank banks based on their capacity to create and implement AI platforms.
Evident, a benchmarking and intelligence firm, claims that its first AI Competency Index can rank the 23 biggest banks in North America and Europe.
We believe that this transformation is too significant to be taking place in a dimly lit space as the real-world application of AI accelerates at an astounding rate — for managers, for investors, and for society as a whole. In a statement, Alexandra Mousavizadeh, co-founder and CEO of Evident, said that their Index measures the race to banking AI maturity in a way that puts transparency at the forefront of the conversation.
Over the phone, she continued, “We felt that starting with the banks, a sector that has been really focused on this for a number of years, was the right place to start applying our methodology. Following this, we intend to enter the insurance and healthcare industries as well as the manufacturing and energy sectors, among others.
The Evident AI Index, according to the company, is based on “millions of public data points” rather than “proprietary surveys that are prone to self-reported biases.”
Reading the outcomes is engaging.
The winner is JPMorgan Chase, which leads on all pillars and earns 63% of the possible points. Royal Bank of Canada, Citi, UBS, and Wells Fargo are the other four financial institutions in the top five.
According to the company, North American banks listed in the index typically outperform their European counterparts in developing AI capability, accounting for about 7 out of the top 10 rankings in the Index.
According to this first index, it would seem that European banks run the risk of falling behind in the race for AI.
Only three European banks—UBS, ING, and BNP Paribas—make it into the top 10.
Evident has received $3 million in funding from VCs and angel investors, including Gary Ginsberg, a former senior vice president of Softbank Corp. and executive vice president of Time Warner, Scott Galloway, a professor at NYU and co-host of the Pivot podcast, Robin Saunders, the CEO of Clearbrook Capital, David Brierwood, a former COO of MSCI, and Dimitri Goulandris, the CEO of Cycladic.
“This is the year of AI, and we are witnessing a sharp increase in the use of AI in virtually every industry. Robust metrics and insight become crucial to stakeholder value as the market starts to separate winners from losers based on their AI capability. Galloway continued in a statement, “Evident is uniquely positioned to deliver that clarity.