Moody’s warns that banks’ rapid adoption of AI increases their dependence on a small group of US tech firms, exposing them to systemic risks such as outages and price increases. The financial sector faces substantial investment needs while integrating AI into operations, according to the rating agency. (GUARDIAN)
AI push is putting banks at mercy of tech firms, warns Moody’s
Finance sector will gain from the tech but it will need substantial investment and create risks, says rating agencyThe rating agency Moody’s has said the race to adopt AI is putting big banks at the mercy of a small group of Silicon Valley firms, leaving them vulnerable to widespread outages and price gouging by profit-hungry tech bosses.The financial sector’s efforts to integrate AI into day-to-day operations will eventually cut costs and increase revenues across the City and Wall Street, Moody’s said. Continue reading...
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