Bank Automation News and banking data and analytics platform FI Navigator have released the latest ranking of the top five most innovative financial institutions.
The dataset ranks the top 25 financial institutions across four asset tiers — $500 million to $1 billion, $1 billion to $10 billion, $10 billion to $100 billion and FIs over $100 billion — based on FI Navigator’s “innovation score,” which analyzes more than 100 products, services and channels across U.S. financial institutions.
The following are the top 5 most innovative financial institutions with over $100 billion in assets as of May 2023. Each FI listed received an innovation score of 100:
- JPMorgan Chase, a $3.7 trillion bank, worked through acquiring and integrating First Republic Bank and invested in AI to combat fraud through Cleareye.ai.
- TD Bank, a $401 billion bank, is looking to AI-driven predictive analytics to enhance personal finance management tools, invested in innovation with a 20% YoY increase in tech spend in Q2, and is leveraging machine learning within its call center to improve client experience.
- Regions Bank, a $154 billion bank, selected Temenos as its core provider in April as part of its digital transformation.
- Bank of America’s AI-driven chatbot surpassed 1.5 billion client interactions since its launch in 2018 as the $3.2 trillion bank continues to invest in the technology. The bank also continues to invest in people and technology which increased its noninterest expenses 5% YoY to $16 billion in Q2.
- KeyBank looks to robotic process automation to block fraudulent bots from carrying out fake transactions. Additionally, the bank is looking inward at what areas of the $139 billion bank could benefit from technology and automation to improve efficiency.
Visit Bank Automation News’ FI Innovation Ranking database which lists the top 25 institutions in four asset tiers based on products, services and channel innovation.
