Canadian banks are making waves in the field of artificial intelligence (AI) innovation, securing three out of the top 10 spots globally, according to a recent ranking. Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), and Bank of Montreal (BMO) claimed the third, sixth, and ninth positions, respectively, in a report published by AI benchmarking platform Evident Insights Ltd.
The rankings were determined based on various factors, including the quantity and quality of AI research papers, patent filings, and investments into AI-related startups by the 50 largest banks worldwide from November 2023 to March 2024.
Evident CEO Alexandra Mousavizadeh expressed surprise at the high ranking of Canadian banks, attributing their success to their research and patent-driven approach to AI innovation. She noted that other banks are now following suit by centralizing their research capabilities and forming applied research teams to scale their AI capabilities.
What sets Canadian banks apart is not just the number of AI-related patents they file, but the impact these patents have on the global development of AI banking tools. RBC, for example, garnered 2.7 times more citations per patent than the average of the index.
The high number of citations indicates that other banks refer to these patents when exploring specific use cases. The ability to foresee what lies ahead and patent it demonstrates the bank’s ability to stay ahead of the curve.
BMO had the largest increase in average AI patent citations among the 50 banks in the index over the past five months. Lawrence Wan, BMO’s Chief Architect and Innovation Officer, highlighted their strategy of focusing resources on areas where they can excel rather than spreading themselves too thin.
The research conducted by Canadian banks has already translated into real benefits for consumers. BMO’s mobile app, for instance, now features a predictive alert system that warns customers of potential negative balances. TD’s “digital nudges” product, introduced in 2020, offers similar insights to customers.
RBC’s in-house AI research institute, Borealis AI, has been continuously enhancing the NOMI platform for customers since its launch in 2021. Dr. Foteini Agrafioti, RBC’s Chief Science Officer and Borealis’ co-founder, highlighted how AI can help customers avoid mistakes when making bill payments.
Despite their success in AI innovation, Canadian banks have not made significant investments in AI-related startups compared to their global counterparts. However, the strength of their academic foundations and research-driven approach contributes to the influential nature of their patents.
As Canadian banks continue to lead the way in AI innovation, consumers can look forward to more personalized and intuitive AI-driven features that enhance their banking experience.
FAQs
1. How were the rankings of AI innovation determined?
The rankings were based on factors such as the number and quality of AI research papers, patent filings, and investments into AI-related startups made by the world’s largest banks.
2. Why have Canadian banks performed well in AI innovation?
Canadian banks focus on research and patent-driven approaches to AI innovation, which has allowed them to stay ahead in the development of AI banking tools.
3. How do Canadian banks utilize their AI patents?
Canadian banks’ AI patents have a significant impact on the field as they are often cited by other banks. This recognition highlights their ability to foresee future trends and patent innovative solutions.
4. What benefits have customers already experienced from AI innovations?
Customers of Canadian banks have benefited from features such as predictive alerts for negative balances and personalized AI-driven insights for financial decision-making.
5. Have Canadian banks invested in AI-related startups?
Compared to their global counterparts, Canadian banks have not made significant investments in AI-related startups. However, their focus on academic foundations and research has contributed to their innovation success.
The AI innovation rankings of Canadian banks highlight their significant contributions to the industry. With Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), and Bank of Montreal (BMO) securing positions in the top 10, these banks have demonstrated their commitment to AI research and development. The rankings were determined based on factors such as the quantity and quality of AI research papers, patent filings, and investments into AI-related startups.
One of the key factors that set Canadian banks apart is their research and patent-driven approach to AI innovation. They have focused on centralizing their research capabilities and forming applied research teams to scale their AI capabilities. This strategy has been successful in driving their AI advancements and ensuring they stay ahead of the curve.
The impact of Canadian banks’ AI patents is also noteworthy. Their patents have garnered a high number of citations, which indicates that other banks refer to their patents when exploring specific use cases. This further reinforces the influential nature of their patents and their ability to shape the global development of AI banking tools. For example, RBC has received 2.7 times more citations per patent than the index average.
Canadian banks have also translated their AI research into tangible benefits for consumers. BMO’s mobile app features a predictive alert system that warns customers of potential negative balances, offering them proactive financial management support. TD introduced its “digital nudges” product in 2020, which provides personalized insights to customers, helping them make better financial decisions.
Despite their success in AI innovation, Canadian banks have not made significant investments in AI-related startups compared to their global counterparts. However, their strong academic foundations and research-driven approach contribute to the influential nature of their patents. This focus on research sets them apart and ensures that they continue to lead the way in AI innovation.
As Canadian banks continue to invest in AI research and development, consumers can expect more personalized and intuitive AI-driven features that enhance their banking experience. The advancements in AI technology will enable banks to offer tailored solutions, predictive analytics, and improved customer service. This will ultimately lead to a more seamless and efficient banking experience for customers.
Related Links:
– Royal Bank of Canada
– Toronto-Dominion Bank
– Bank of Montreal
The source of the article is from the blog zaman.co.at