AMSTERDAM - 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.
"You will always need them because sometimes the machine power that is needed for these technologies is huge. It's also not really feasible for a bank to build this tech," he said. "AI requires huge amounts of compute and really the only way that you're going to be able to access that compute sensibly is from Big Tech," Joanne Hannaford, who leads technology strategy at Deutsche Bank's corporate bank, told an audience at the Money20/20 conference earlier this week.The CEO of French AI startup Mistral AI, seen as France's answer to OpenAI, told attendees there were "synergies" between its GenAI products and financial services.
In its first statement on AI, the European Union's securities watchdog said last week that banks and investment firms cannot shirk boardroom responsibility and have a legal obligation to protect customers when using AI. It warned that the technology is likely to have significant impact on retail investor protection.FORT NELSON — A company that operates a natural gas plant in Fort Nelson, B.C.
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