"Whilst greater automation - likely to be the first and greatest application of AI technology for banks - has the potential to improve bank productivity and thereby enhance bank returns, we also see some vulnerabilities around broad use of AI in banks," analysts led by Richard Thomas wrote.
"AI is already being used by most major banks, albeit cautiously, and if the technology is able to deliver tangible efficiencies for European banks and boost returns, \"this is likely to be recognised with more stable to higher credit ratings and secure spreads,\" the report added.
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