View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Analysis
July 8, 2021updated 23 Mar 2022 12:27pm

Which companies are leading the way for artificial intelligence in the banking & payments sector?

By Data Journalism Team

We aggregated thousands of records from GlobalData’s proprietary jobs, deals, patents and company filings databases to identify the top companies in the area of artificial intelligence in the banking & payments sector.

Bank of America Corp and The Goldman Sachs Group Inc are leading the way for artificial intelligence investment among top banking & payments companies according to our analysis of a range of GlobalData data.

Artificial intelligence has become one of the key themes in the banking & payments sector of late, with companies hiring for increasingly more roles, making more deals, registering more patents and mentioning it more often in company filings.

These themes, of which artificial intelligence is one, are best thought of as “any issue that keeps a CEO awake at night”, and by tracking and combining them, it becomes possible to ascertain which companies are leading the way on specific issues and which are dragging their heels.

According to GlobalData analysis, Bank of America Corp is one of the artificial intelligence leaders in a list of high-revenue companies in the banking & payments industry, having advertised for 388 positions in artificial intelligence, made zero deals related to the field, filed 50 patents and mentioned artificial intelligence eight times in company filings between January 2020 and June 2021.

Our analysis classified three companies as Most Valuable Players – or MVPs – due to their high number of new jobs, deals, patents and company filings mentions in the field of artificial intelligence. An additional 14 companies are classified as Market Leaders and zero are Average Players. Four more companies are classified as Late Movers due to their relatively lower levels of jobs, deals, patents and company filings in artificial intelligence.

For the purpose of this analysis, we’ve ranked top companies in the banking & payments sector on each of the four metrics relating to artificial intelligence: jobs, deals, patents and company filings. The best-performing companies – the ones ranked at the top across all or most metrics – were categorised as MVPs while the worst performers – companies ranked at the bottom of most indicators – were classified as Late Movers.

JPMorgan Chase & Co is spearheading the artificial intelligence hiring race, advertising for 3,456 new jobs between January 2020 and June 2021. The company reached peak hiring in March 2021, when it listed 420 new job ads related to artificial intelligence.

Citigroup Inc followed JPMorgan Chase & Co as the second most proactive artificial intelligence employer, advertising for 2,760 new positions. Wells Fargo & Co was third with 2,049 new job listings.

When it comes to deals, The Goldman Sachs Group Inc leads with three new artificial intelligence deals announced from January 2020 to June 2021. The company was followed by Credit Agricole SA with three deals and China Construction Bank Corp with one.

GlobalData's Financial Deals Database covers hundreds of thousands of M&A contracts, private equity deals, venture finance deals, private placements, IPOs and partnerships, and it serves as an indicator of economic activity within a sector.

One of the most innovative banking & payments companies in recent months was Bank of America Corp, having filed 50 patent applications related to artificial intelligence since the beginning of last year. It was followed by Bank of China Ltd with three patents and China Construction Bank Corp with one.

GlobalData collects patent filings from 100+ counties and jurisdictions. These patents are then tagged according to the themes they relate to, including artificial intelligence, based on specific keywords and expert input. The patents are also assigned to a company to identify the most innovative players in a particular field.

Finally, artificial intelligence was a commonly mentioned theme in banking & payments company filings. Bank of America Corp mentioned artificial intelligence eight times in its corporate reports between January 2020 and June 2021. JPMorgan Chase & Co filings mentioned it seven times and The Goldman Sachs Group Inc mentioned it four times.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International