Growing reliance on Big Tech firms for AI carries new risks: European banks

The boom in artificial intelligence will increase banks’ dependence on big US 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.