Big banks scramble to adapt to the AI revolution: Paul J. Davies

Big banks scramble to adapt to the AI revolution: Paul J. Davies

In the rapidly evolving landscape of finance, big banks are racing to harness generative artificial intelligence...
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In the rapidly evolving landscape of finance, big banks are racing to harness generative artificial intelligence, seeking ways to enhance decision-making, cut costs, and stay ahead of competitors. However, Bay Area venture capitalists warn of a different threat: the rise of AI-powered consumer tools that automate financial tasks, potentially eroding banks' traditional revenue streams. As AI capabilities advance, concerns about financial stability and consumer trust loom large, signalling a looming upheaval in the banking industry, especially for smaller institutions.

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By Paul J. Davies

Big banks are scrambling to work out what to do with generative artificial intelligence: how to use it to make some of their people smarter or free up others to do only higher-value tasks, and how to ingest and process data more rapidly, speed up decision making and cut costs. Every bank fears their competitors getting good at AI before they do.

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