JPMorgan tops AI index as UK banks trail leaders

JPMorgan Chase retained the top position in Evident’s 2026 AI index, which assessed the artificial intelligence capabilities of 50 banks. HSBC was the highest-ranked UK bank at 11th, followed by Lloyds Banking Group at 15th, NatWest at 17th and Barclays at 19th.

The banks’ AI capabilities advanced nearly three times faster in the past year than the average pace recorded over the previous three years. Six of the 10 highest-ranked banks were headquartered in the US, while two were based in Canada. Switzerland’s UBS was the only other European bank in the top 10, alongside Australia’s CommBank.

Evident found that 12 banks now report returns from their AI activities or expect to generate returns, up from eight last year. Lloyds Banking Group was among the latest banks to reach that point. Lloyds has said AI will support all customer interactions by 2030 and has set a target of generating £100 million in value.

Banks with more developed AI controls advanced faster than those with weaker safeguards, according to the index. Sophisticated controls were in place at 80% of the leading banks, compared with 40% of the wider group. The controls include checks on data supplied to AI systems, reviews of their outputs and monitoring after deployment.

Responsible AI principles have been adopted by 49 of the 50 banks surveyed, 16 more than in 2023. Recruitment of AI governance specialists across the group increased 33% from a year earlier.

“This was the year AI in banking went industrial. Banks across the AI index are moving faster than at any point since we began measuring,” Alexandra Mousavizadeh, co-CEO of Evident, said.

Mousavizadeh attributed the difference between leading banks and others to the infrastructure built around AI models, including data systems, controls and processes for expanding successful applications across an organisation. “What separates the leaders is everything they have built around their models, from the data and plumbing to the guardrails, and the habit of building something once and scaling it everywhere,” she said.

Daniel Shackleford Capel, Evident’s managing director of banking, said leading banks were focusing on areas where AI could have the greatest effect rather than using it mainly to reduce costs. Many banks can show that AI has made work faster, he said, while fewer can demonstrate the effect on financial performance.

“With AI budgets at record levels, the banks that can prove their returns will keep the money flowing to the right places,” Shackleford Capel said.