Tech Geek on Nostr: Banks say growing reliance on Big Tech for AI carries new risks ...
Banks say growing reliance on Big Tech for AI carries new risks
The boom in artificial intelligence will increase banks' dependence on big U.S. tech firms, creating new risks for the industry, European banking executives said.
Excitement around using artificial intelligence (AI) in financial services - widely used already for detecting fraud and money-laundering - has soared since the launch of OpenAI's viral chatbot ChatGPT in late 2022 as banks examine ways to deploy generative AI.
But at a gathering of fintech executives in Amsterdam this week, some expressed concerns that the amount of computing power needed to develop AI capabilities would make banks rely even more on small number of tech providers.
Published at
2024-06-07 11:24:13Event JSON
{
"id": "e824717e39b6447a982c991db1152a36841e8f973ee17a130de1714679a5e5b0",
"pubkey": "ad6a909b8dfd6e278f94881d83dbd5ad5f9260c7502175059b29042e589fb93c",
"created_at": 1717752253,
"kind": 1,
"tags": [
[
"l",
"FLASH NEWS"
],
[
"source",
"https://www.reuters.com/technology/banks-say-growing-reliance-big-tech-ai-carries-new-risks-2024-06-07/"
],
[
"yaki_flash_news",
"U2FsdGVkX18IYkpeF4AxCo+rQDJpz5Y3Ml0zk/8Q1lw="
],
[
"t",
"ARTIFICIAL INTELLIGENCE"
],
[
"t",
"Technology"
],
[
"t",
"Finance"
]
],
"content": "Banks say growing reliance on Big Tech for AI carries new risks\n\n https://yakihonne.s3.ap-east-1.amazonaws.com/ad6a909b8dfd6e278f94881d83dbd5ad5f9260c7502175059b29042e589fb93c/files/1717752233025-YAKIHONNES3.jpg \n\nThe boom in artificial intelligence will increase banks' dependence on big U.S. tech firms, creating new risks for the industry, European banking executives said.\n\nExcitement around using artificial intelligence (AI) in financial services - widely used already for detecting fraud and money-laundering - has soared since the launch of OpenAI's viral chatbot ChatGPT in late 2022 as banks examine ways to deploy generative AI.\n\nBut at a gathering of fintech executives in Amsterdam this week, some expressed concerns that the amount of computing power needed to develop AI capabilities would make banks rely even more on small number of tech providers.",
"sig": "135f2af9498496a21538d1db3eccef67b2482051cc1afd9d8080f17a436567f01f552be69a7f522795173aa6dd44adff23df8761971d962fc59b4ae227928f63"
}
