Financial services are failing to implement artificial intelligence successfully, European fintech executives have claimed, even as evidence mounts that the hyped technology will boost productivity and cut costs. Job loss fears, regulatory concerns and institutional inertia are among the factors deterring bankers from fully embracing the systems that underpin products such as ChatGPT.
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Financial services shun AI over job and regulatory fears
“The big banks will definitely not adopt [the technology] as quickly as any of the fintech,” said Tom Blomfield, co-founder of Monzo and group partner at Silicon Valley start-up incubator Y Combinator. Generative AI will however “make banks more efficient and able to provide the same products at a cheaper cost”.
