THE surge in artificial intelligence (AI) research within the financial technology sector has been remarkable. Banks are strategically cultivating ecosystems through partnerships with universities and international collaborations. Prominent players such as Capital One, JPMorgan Chase, BBVA and ING are embracing open-source collaboration to drive intellectual property development.

European banks are also making significant strides in AI research, with Intesa Sanpaolo taking the lead. Research papers authored by professionals within the banking industry span a wide spectrum, encompassing both theoretical and applied AI research.

Applied research in 2022 encompassed areas ranging from quantum machine-learning applications to innovative chatbot design and recommendation systems. Intriguingly, there is a noticeable absence of macroeconomics in these research programmes conducted by banks.