European banks warn of Big Tech dependency amid AI surge

European banks warn of Big Tech dependency amid AI surge

European executives caution about increasing reliance on major U.S. tech firms
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As artificial intelligence (AI) reshapes the landscape of banking, European executives caution about increasing reliance on major U.S. tech firms, foreseeing new risks for the industry. The proliferation of AI, accelerated by innovations like OpenAI's ChatGPT, fuels excitement in financial services but also raises concerns about banks' deepening dependence on a handful of tech giants for infrastructure. Amidst regulatory scrutiny and calls for vigilance, the path forward underscores the delicate balance between innovation and risk mitigation.

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By Elizabeth Howcroft

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.

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