Reported 6 months ago
European banking executives at a fintech conference in Amsterdam highlighted the increasing dependence of banks on major U.S. tech companies for artificial intelligence (AI) capabilities, posing new risks for the industry. The excitement around AI in financial services has grown significantly, with ING's chief analytics officer mentioning the need for Big Tech companies due to the immense computing power required for AI development. Concerns were raised about potential vendor lock-in and regulatory issues as banks explore leveraging cloud computing and AI technologies provided by tech giants like Microsoft, Google, IBM, and Amazon.
Source: YAHOO