Yellen notes AI is used for forecasting, fraud detection, and customer service. Highlights potential benefits of natural language processing, image recognition, and generative AI for financial services.
AI's quick development offers cost-effective financial services. AI chatbots like ChatGPT and Google's Gemini impress users with image and video generation abilities. Yellen herself tested AI chatbots.
Yellen emphasizes risks associated with AI in finance. Event to address regulatory concerns as AI in financial institutions presents opportunities but also potential dangers, per a Treasury official.
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