Consumer Watchdog Report Shows How Wall Street AI Could Cause a Financial Crisis And How it Can Be Stopped
Spending on AI by the financial services sector is the biggest across industries, including tech, said the nonprofit.
- Spending on AI by the financial services sector is the biggest across industries, including tech, said the nonprofit.
- Over 90 percent of AI patents in the banking sector were filed by five investment banks, according to Evident, which monitors AI implementation in the private sector.
- Virtually every bank will have its own version of ChatGPT that will give financial advice to employees and customers.
- "Absent proper regulation, the next financial crisis could be caused by AI," said Justin Kloczko, tech advocate for Consumer Watchdog.