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.
Reported by 1 outlet — The Guardian US. See all sources ↓
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Why it matters
A world story we're tracking; its significance and source trust firm up as more outlets confirm it.
- What's the story?
- 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.
- How widely is it covered?
- 1 outlet, average source rating 8.0/10.
- When was it last updated?
- 1m ago.
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AI push is putting banks at mercy of tech firms, warns Moody’s
Sources1TypeCoverageThe Guardian US