Latest News

Meet Adapt, Westpac's Azure-based enterprise data platform

In Pictures: iTnews State of Security Breakfast Roadshow 2026 - Melbourne

Former US regulator says AI companies not exempt from current law

Apple overhauls security with iOS and macOS 27

Digital Canberra to "refresh" private cloud platform

Banks see growing reliance on 'big tech' for AI bringing new risks

By Elizabeth Howcroft

Jun 9 2024 10:14PM

Owing to compute power demands.

Banks see growing reliance on 'big tech' for AI bringing new risks

The boom in artificial intelligence will increase banks' dependence on big US tech firms, creating new risks for the industry, European banking executives said. Excitement around using artificial intelligence (AI) in financial services - widely used already for detecting fraud and money-launderin...

Hi! You've reached one of our premium articles. This is available exclusively to subscribers.

It's free to register, and only takes a few minutes.

Once you sign up you'll have unlimited access to the full catalogue of Australia's best business IT content, as well as a daily news bulletin delivered straight to your inbox.

Register now

Already have an account? Log in to read this article.

Got a news tip for our journalists? Share it with us anonymously here.

© 2019 Thomson Reuters. Click for Restrictions.

Tags:

ai banking financial services software

Partner Content

Digital sovereignty is no longer optional - Agentic AI has made it fundamental

Promoted Content Digital sovereignty is no longer optional - Agentic AI has made it fundamental

Scaling innovation safely: innovating through rapid prototyping with the mission in mind

Partner Content Scaling innovation safely: innovating through rapid prototyping with the mission in mind

Predictable costs, provable control drives data repatriation

Partner Content Predictable costs, provable control drives data repatriation

One NZ cut provisioning time from days to minutes. Here's how

Partner Content One NZ cut provisioning time from days to minutes. Here's how

SPONSORED RESOURCES

AI Security Readiness

AI Security Readiness

Forcepoint AI Data Security

Forcepoint AI Data Security

ITIL® AI Governance

ITIL® AI Governance

2026 Wasabi Global Cloud Storage Index

2026 Wasabi Global Cloud Storage Index

The Mythos Moment: When AI Outpaces Remediation - How Can Enterprises Respond

The Mythos Moment: When AI Outpaces Remediation - How Can Enterprises Respond

Events

Most Read Articles

UNSW reveals new measures to deal with AI cheating

UNSW reveals new measures to deal with AI cheating

Coles to end data analytics work with Palantir

Coles to end data analytics work with Palantir

People First Bank progresses its tech stack modernisation

People First Bank progresses its tech stack modernisation

AEC's election donation system build more than doubles to $70m

AEC's election donation system build more than doubles to $70m

ConnectWise CEO Manny Rivelo says Predictive IT strategy is seeing 'great momentum'

ConnectWise CEO Manny Rivelo says Predictive IT strategy is seeing 'great momentum'

First Focus acquires Wellington MSP Resolve Technology

First Focus acquires Wellington MSP Resolve Technology

Kinetic IT appoints Meg Santos as head of service integration

Kinetic IT appoints Meg Santos as head of service integration

Evergreen's Pine Services Group acquires Melbourne-based Microsoft partner

Evergreen's Pine Services Group acquires Melbourne-based Microsoft partner

Activeport reports revenue growth across all divisions after restructure

Activeport reports revenue growth across all divisions after restructure

Most popular tech stories