ING's chief analytics officer highlighted the growing need for banks to rely on Big Tech for AI infrastructure due to the immense computing power requirements, emphasizing the challenges banks face in developing such technologies independently.
Concerns were raised at a fintech event in Amsterdam regarding the potential risks associated with banks' dependence on a small number of tech providers, highlighting the importance for European banks to maintain flexibility and avoid vendor lock-in.
Regulators in Britain are already considering rules to address the heavy reliance of financial firms on tech giants like Microsoft, Google, IBM, and Amazon, expressing concerns over possible widespread disruptions if issues occur with a single cloud computing provider.
Deutsche Bank's technology strategy lead stressed the essential role of Big Tech companies in providing the significant computing power necessary for AI development, indicating that accessing such resources sensibly is currently only feasible through these tech giants.
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