While tech giants tend to hog the limelight on the cutting-edge of technology, AI in banking and other financial sectors is showing signs of interest and adoption – even among the stodgy banking incumbents.
Discussions in the media around the emergence of AI in the banking industry range from the topic of automation and its potential to cut countless jobs to startup acquisitions. However, no current sources have pulled together and analyzed the AI applications of top banks.
- What types of AI applications are currently in use by customers and employees and what applications are in the works at banking leaders JPMorgan Chase or Wells Fargo?
- What common trends do their innovation efforts point to – and what does that mean for the future of banking?
- How much has been invested in AI and emerging tech innovation across leading US banks?
Through facts and quotes from company executives, this article serves to present a concise look at the implementation of AI by the seven leading commercial banks in the U.S. as ranked by the Federal Reserve. Changes in the banking industry directly impact businesses and commerce, and we sought to provide relevant insights for business leaders and professionals interested in the convergence of AI and financial technology.
We’ll explore the applications of each bank one-by-one. The top seven US banks below have been rank-ordered by their size, starting with JPMorgan Chase, the largest.