Report highlights AI innovations, adoption and initiatives within North American banks
NEW YORK, NY / ACCESSWIRE / October 10, 2024 / Most Impactful, a groundbreaking research initiative, announced the findings of its report, Most Impactful Banks: AI. This work has identified the top 100 banks, credit unions, and non-bank financial institutions in North America making a strategic commitment to new technology through their use of traditional and generative AI. The list includes leading megabanks, regional banks, community financial institutions, and digital-first banks.
Most Impactful is issuing a free research report at www.themostimpactful.com, which includes a high-level overview of the findings. An exclusive, in-depth paid version is also available online, which details the most popular AI features and provides a detailed assessment of the relative AI commitment of banks.
"AI's explosion into financial services made it a natural topic for our initial series of Most Impactful reports, starting with this exploration of how leading financial institutions are using the technology," said Dan Latimore, Chief Research Officer of Most Impactful. "Our research uncovered several key trends in AI adoption among financial institutions, most importantly, that AI development in financial services starts from the top down with executive commitment. Taken together, these trends provide an overview of not only what factors are driving AI usage in financial services now, but what leaders should consider when thinking about implementing the technology moving forward."
The key metrics of the Most Impactful Banks: AI report suggest a significant lag between initial investments and public announcements of AI initiatives. The research grouped banks into four categories based on their AI commitment: AI Titans, AI Implementers, AI Mavericks, and Digital First. Each player has their own unique approach and adoption of AI based on their strategic commitment and internal capabilities. Key findings for each category include:
AI Titans make substantial AI and machine learning (ML) investments in absolute terms. They've implemented the obvious initial AI initiatives and go further by experimenting with cutting-edge use cases.
AI Implementers spend relatively less but still have made a significant commitment to AI/ML technology. They recognize the importance of AI and have implemented not just the basics, but also specific programs relevant to their lines of business.
AI Mavericks punch above their weight. Lacking the resources of their larger competitors, they nevertheless have a targeted product portfolio and think strategically about the various ways to use AI. This group is in many ways the most intriguing; there are many names who are making a play for future viability.
Digital First firms use AI/ML technology to yield significant ROI and differentiation. Unencumbered by legacy infrastructure, they are well-positioned to use their cleaner data to make a difference with AI.
The work also catalogs which banks have been using AI for fraud detection. Rodger Desai, founder and CEO of Prove Identity, whose company supported this report, observes that "internet anonymity has been enabling fraud and eroding trust. Combating fraud is a popular use case for AI today, and this research demonstrates how banks at the forefront of AI innovation are prioritizing both the identification and the protection of consumer and business identities. This is essential for building trust and safeguarding users in today's digital landscape."
To compile the report, Most Impactful analyzed financial institutions' AI and machine learning commitment across six dimensions: Spending; Vendor Relationships; Executive Commitment; Initiatives in Production; Human Capital; and Patents Filed. Cumulatively, these six categories create a comprehensive overview of leading financial institutions' current and future commitments to AI integration and development, allowing Most Impactful to classify institutions into the categories defined above.
Subsequent reports on outstanding insurance companies making an impact with AI, along with capital markets firms, will follow this inaugural report in late October and early November, respectively.
To download the report, visit www.themostimpactful.com.
About Most Impactful
Most Impactful is a proprietary research initiative measuring business effectiveness of firms in the financial services ecosystem.
Our initial series of reports focuses on Artificial Intelligence (AI) in banking, capital markets and insurance.
Taking a 360-degree view from customers, vendors, and the banks and insurance leaders themselves, we have identified those leading the charge in implementing AI - and look at the areas where operators are looking to realize the greatest Return on AI Investment (ROAI).
Our comprehensive approach will showcase and honor industry players and provide them with a standard to measure themselves against their peers.
Most Impactful is the research arm of The Financial Revolutionist, a leading destination for fintech insights, analysis, and data.
For more information, visit: www.themostimpactful.com.
Media Contact
Josh Eichenbaum
Caliber Corporate Advisers
josh@calibercorporateadvisers.com
SOURCE: Most Impactful
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