AI push is putting banks at mercy of tech firms, warns Moody’s

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Guardian Business

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 agency The 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…