The finance sector is not exempt from the AI wave. 

In fact, KPMG’s recent global AI in finance study found 71% of companies are using AI within finance operations.

However, some banks (and the countries where they operate) are outperforming others in implementing policies and providing an enabling environment for banks in their home base to thrive with AI. 

TL;DR

• The U.S and the United Kingdom lead the way in AI adoption in banking and fintech, leveraging their scale, infrastructure, and regulatory support.
• Fraud detection, credit scoring, and algorithmic trading are the most widely implemented AI use cases across the top countries.

Today’s visualisation is based on the Evident Insights AI Index.

The Index evaluates banks’ performance against at least 70 indicators across four critical pillars of AI capability: Talent, Innovation, Leadership, and Transparency.

Top 10 Banks Leading AI Adoption

This table highlights the top 10 out of 50 institutions driving innovation and shaping the future of intelligent banking worldwide.

Globally, the financial services sector spent an estimated $35 billion on AI in 2023, with projections for significant growth. 

The U.S. market for AI in banking is a primary driver of this global trend.

United States Leads… 

As you can see in the ranking above, out of the top 10 banks, 6 are domiciled in the U.S., which is no surprise, given the country’s significant investment in AI in this sector. 

The U.S. AI market in banking is projected to be valued at $7.1 billion in 2025 and is expected to grow substantially, reaching $77.8 billion by 2034.

The U.K., Canada, France, Australia, Spain, the Netherlands, Germany, and Italy also appear frequently across all 50 institutions in the actual dataset.

These are the countries where, according to the index, banks are adopting AI-finance solutions the most. 

Global giants such as JPMorgan, Bank of America, HSBC, and BNP Paribas sit beside regional leaders like CommBank, DBS, and Scotiabank in the actual dataset. 

Several regions, notably parts of Asia and Africa, are underrepresented, which may reflect data gaps or slower institutional rollout.

What Kind Of AI Is Deployed In the Finance Sector?

U.S. financial institutions are increasing their investments in data and analytics, AI, and other technologies to enhance customer service, improve efficiency, and streamline processes.

Major banks, such as Bank of America and JPMorgan Chase, are utilising AI for customer interaction (e.g., Bank of America’s “Erica” chatbot) and risk management. 

Fraud detection also takes centre stage. 

According to JournalwJarr, global financial institutions are projected to spend $39.1 billion on AI-powered fraud detection and prevention systems, which is more than the $21.1 billion already spent in 2025. 

Even compliance and regulatory reporting are becoming intelligent, cutting delays and errors.

Where’s the risk?

Even with its rapid progress, AI in finance still comes with serious risks. 

Models can get things wrong, especially when they misread patterns or rely on incomplete data.

Many firms also depend heavily on outside AI vendors, creating weak links that can cause widespread disruptions if something fails. And as more institutions use similar AI tools, their reactions can start to look the same, which can worsen market shocks.

On top of that, AI systems handle huge amounts of sensitive financial data, making them high-value targets for cyberattacks.

ELI5: AI in Finance Trend By Country

The U.S. is leading globally in the number of banks rapidly adopting AI in finance. 

The main types of AI used are in fraud prevention, loan processing, and rate determination, providing personalised advice, and even helping banks comply with regulations.

Sources: 

KPMG Global AI in Finance Report |  Evident AI Index | Standford AI Index Report