Does AI make us dependent on Big Tech?

European banking executives are increasingly concerned about the growing dependence of big U.S. tech firms on integrated artificial intelligence (AI) in financial services. Substantial computing power is needed for AI, and many banks believe they will struggle to operate AI independently. They fear a shift towards “Big Tech” and “Big Cloud” due to AI adoption requirements.

These concerns were widely discussed at a recent fintech conference in Amsterdam. I wish I had been there to remind them that they …

artificial artificial intelligence banking banks big cloud cloud computing computing computing power emerging technology executives fear financial financial services generative-ai intelligence power services shift struggle tech technology industry vendors and providers will