Banks reveal increased AI usage in response to shareholder demand

Recent findings from the AI benchmarking platform Evident have revealed that nearly one-third of the world's largest banks are now disclosing AI use cases and return on investment (ROI), responding to increasing shareholder scrutiny of AI investments.

According to Evident, 70% of global banks are reporting AI progress through various communication channels, including press releases, social media, and investor relations (IR).

The UK's Barclays and NatWest have demonstrated a significant surge in AI mentions, experiencing a 193% increase in AI references within the past year. The Evident AI Index, which tracks 50 banks, identified more than 1,250 references to AI across these banks’ reports, press releases, and LinkedIn posts—a 59% rise from the previous year.

Evident's report indicates that 35 banks mentioned AI across all three channels—reports, social media, and IR—up from 26 a year ago. This increase highlights not just the growth in AI mentions but also the depth of AI initiatives being communicated. The overall narrative suggests that banks are becoming more committed to outlining their AI strategies publicly in response to heightened expectations from various stakeholders.

Alexandra Mousavizadeh, Co-founder and CEO of Evident, remarked, "The big banks are in the eye of the storm with regards to AI expectation setting. Last year, not all banks were ready to communicate their AI activities with confidence. The contrast between now and then is stark."

According to Evident, global banks have found it crucial to incorporate AI-focused communications and marketing strategies to signal their AI objectives and to reassure shareholders that progress is being made. Over the past year, publications of AI references in annual reports increased by 62%, while European banks made 31% of AI references in annual reports, which is more than twice the share of US banks at 14%.

Significant players like Singapore's DBS Bank, Australia’s CommBank, and Canada’s RBC are leading in their AI narratives based on the volume and substance of their AI communications. Additionally, banks such as NAB from Australia, Barclays from the UK, and Citigroup from the US have rapidly increased AI-related content within their communications over recent months.

Mousavizadeh further noted, "We’re seeing more banks take an organised, synchronised approach to AI communications to showcase their progress with customers, investors, employees, and prospective talent. The significant growth in AI communications over the past year clearly demonstrates that, far from AI-washing, the banks’ AI initiatives are well underway, and they’re already starting to see a measurable business impact for their efforts."

Evident's data suggests that not only has the quantity of AI communications increased, but banks are now providing more substantial updates about their AI advancements and the benefits realised. The number of banks making detailed AI statements in their IR materials rose to 15 out of 50—an increase of 2.5 times year-on-year—with 25 banks having fielded questions about AI in their latest earnings calls, a 56% increase from the previous year.

The report also highlights that 45 out of the 50 banks have at least one C-Suite executive who has addressed AI in external media over the last year. JPMorgan Chase’s CEO Jamie Dimon emerged as the most influential media figure on AI, being quoted 8.5 times more than any other banking leader. Leaders from JPMorgan Chase, Morgan Stanley, UBS, Goldman Sachs, Wells Fargo, and Bank of America have notably dominated the media conversation surrounding AI.

Transparent and frequent communications around AI are seen as pivotal in building stakeholder confidence regarding banks' AI adoption. UK-based banks have notably increased their AI communications volume, nearly tripling their AI references over the past year. However, banks in the APAC region remain the most vocal, averaging 44 AI mentions annually, nearly double the global average.