Banks’ AI Research Output Grew Sevenfold in a Year

Big banks have multiplied their annual AI research output sevenfold over the past year, with JPMorgan Chase leading the pack in research activity, according to a report from Evident.

The ‘State of AI Research in Banking’ found that since 2019, the number of banks publishing AI research has nearly doubled, from 25 to 46 of the 50 banks tracked. The level of participation reached its peak level in 2023 and has remained steady since.

In 2024, just five banks accounted for two-thirds (65%) of all AI research, led by JPMorgan Chase (37%), followed by Capital One (14%), Wells Fargo (5%), RBC (5%), and TD Bank (4%).

This concentration at the top of the research landscape has remained remarkably consistent year over year since at least 2019.

Alexandra Mousavizadeh, co-founder and CEO of Evident, said:  “Through their research programs, banks like JPMorganChase, Capital One, RBC, Wells Fargo, and TD Bank are setting the tone for how AI will be deployed in high-stakes, regulated environments."

“In contrast to the more commercially-guarded R&D practices of Big Tech, these banks are signaling the future of applied AI in financial services. And, most impressively, moving from research pipelines into production at scale within two to three years. Which is lightning fast by academic standards.”

Although more banks have gradually joined the AI research space, the majority of AI research continues to be dominated by a select group of North American banks. So far, nearly 80% of AI-focused research comes from institutions based in the US or Canada.

While AI research output has increased, nearly three-quarters of researchers contributing to AI-specific papers are concentrated at just 10 institutions.