ECB warns against AI market concentration in financial services

Using the same AI providers may amplify risks and threaten financial stability

Artificial intelligence

Over-reliance on a limited number of artificial intelligence (AI) suppliers may make the operational backbone of the financial system more fragile, new analysis from the European Central Bank (ECB) shows.

A team of researchers explored the benefits and risks associated with adopting AI. As it is new technology, it has upside and downside risks. On the upside, it may increase efficiency, especially if models are trained on a specific, smaller models, the researchers say.

AI may improve information

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