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AI market competitionThe Register
•86% Informative
Euro banks worry AI will increase their dependence on US big tech companies.
The huge amount of compute resources needed to develop and train AI means that organizations risk becoming dependent upon the small number of companies that have control of these resources.
European banks in particular need to ensure they can move between different tech providers and avoid vendor lock-in, ING chief analytics officer Bahadir Yilmaz said.
Perhaps this is why Omdia Principal Fintech Analyst Philip Benton reports that the focus on AI at Money 20/20 was on the importance of keeping humans in the loop rather than replacing them. "Some fintechs have been vocal about AI replacing the need for humans in certain roles, but the general sentiment at the event was about AI supporting the productivity of humans," he said..
VR Score
87
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87
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48
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