We have recently reported on multiple instances of Canada’s Big Five Banks actively adopting artificial intelligence technologies.
For example, CIBC is aggressively hiring for AI-related roles as the bank ramps up focus on tech-driven solutions.
BMO is also in the game, recently launching an AI-powered assistant for insurance advisors.
And we now have confirmation that, on an international scale, Canadian banks are indeed among those leading the charge with regard to investing in AI tech.
The Evident AI Index provides an “unrivalled benchmark of AI adoption and maturity throughout the banking sector” by evaluating 50 of the largest banks in the world against 90 individual indicators drawn from millions of data points.
Evident’s benchmark spans four pillars of AI capability: Talent, Innovation, Leadership, and Transparency.
The Royal Bank of Canada, one of only two banks to rank in the top 10 across all four pillars, scored third in the world overall—its third year in a row in the top three.
“We’re on a journey to redefine what a bank can do,” says RBC chief executive Dave McKay, “and tapping into the full potential of transformational technologies like AI is a big part of that.”
RBC was an early adopter of AI among banks with the 2016 launch of Borealis AI, a research institute that develops solutions addressing fundamental challenges in financial services.
“RBC remains committed to building innovative, leading-edge solutions that deliver insightful and personalized client experiences, and have a meaningful impact in our clients’ lives,” stated McKay.
Canada’s “Big Five” all ranked within the top 25 worldwide. TD Bank scored 9th in the global rankings, while Scotiabank placed 20th, CIBC 22nd, and BMO 24th.
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