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The banking industry is experiencing a surge of interest in artificial intelligence, particularly generative AI, with projections indicating a market growth to $826 billion by 2030. Companies like EY predict that AI will significantly transform financial services within two years, prompting banks to adopt this technology to avoid falling behind. However, the rush to implement AI mirrors the dotcom bubble, where excitement often overshadowed prudent decision-making.
Banking leaders are urged to maintain a balanced perspective on AI, recognizing its potential while also acknowledging its limitations, such as high costs and regulatory challenges. The distinction between AI and automation is crucial, as automation may offer more immediate benefits without the associated risks of AI. A focus on specific use cases and careful planning can help banks maximize their technology investments and improve operational efficiency.
• AI market projected to reach $826 billion by 2030.
• Banks must balance AI potential with its limitations and costs.
Generative AI refers to algorithms that can create new content, which is being explored for enhancing banking services.
Automation involves using technology to perform tasks without human intervention, offering efficiency without the risks of AI.
AI hallucination occurs when an AI generates incorrect or nonsensical information, posing risks in sensitive financial contexts.
UpSlide develops software for document creation in investment banking, emphasizing the importance of effective tech implementation.
EY is a global leader in assurance, tax, transaction, and advisory services, predicting AI's transformative impact on financial services.
Isomorphic Labs, the AI drug discovery platform that was spun out of Google's DeepMind in 2021, has raised external capital for the first time. The $600
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Trump's Third Term? AI already knows how this can be done. A study shows how OpenAI, Grok, DeepSeek & Google outline ways to dismantle U.S. democracy.
Sam Altman today revealed that OpenAI will release an open weight artificial intelligence model in the coming months. "We are excited to release a powerful new open-weight language model with reasoning in the coming months," Altman wrote on X.
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