June 9, 2024 3:36 PM

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 exp...