AI report reveals rapid growth in bank-led AI research

A new report from Evident AI has found that major banks are dramatically expanding their in-house AI research efforts, underscoring the technology’s growing importance in financial services.

The State of AI Research in Banking report, based on Evident’s AI Research Tracker of more than 1,000 research papers from 50 leading banks, shows that annual AI research output across the sector has increased sevenfold over the past five years.

Expanding research, widening participation

According to Evident, the number of banks publishing AI research has almost doubled since 2019 – from 25 to 46 – reflecting a shift towards greater investment in research capabilities. 2023 marked a peak in participation, with the majority of banks in the study actively contributing to the field.

North America leads, a few banks dominate

The report highlights a strong regional skew: nearly 80% of published AI-specific research originates from banks in the US and Canada. Just five institutions – JPMorgan Chase, Capital One, RBC, Wells Fargo, and TD Bank – accounted for almost two-thirds of the sector’s AI research output in 2024, cementing their leadership positions.

In terms of talent, concentration is also high: the top 10 research teams employ nearly 75% of all banking-sector AI researchers, most of whom work in centralised labs or specialist units.

Research focus shifting to applied AI

Evident’s topic analysis shows banks are increasingly focused on applied AI research directly tied to business outcomes. Recent work has spanned areas such as AI agents, agent-based systems, multi-agent reasoning, causal AI, and tabular foundation models.

The report notes a marked rise in agentic research between 2022 and 2025, reflecting banks’ prioritisation of practical use cases over more general-purpose or academic research.

Banking’s distinct research model

Evident argues that banks are developing a unique approach to AI inquiry, different from industrial labs and academia, characterised by a balance between practical experimentation and select exploration of cutting-edge topics.

The company will update its AI Research Tracker every six months, offering what it describes as an “unparalleled window” into the evolving role of AI research in financial services.