The news: US banks have "some work to do" before they can embrace AI-powered tools like ChatGPT, according to Bank of America CEO Brian Moynihan.
- Speaking virtually at Sydney's AFR Business Summit, Moynihan acknowledged the technology's usefulness but cautioned banks that external generative AI tech must be "applied correctly," per Bloomberg.
- The CEO added that inaccuracy, a dearth of data-based responses, and the risk of cyber attacks presented challenges for ChatGPT's use in banking.
Banks approach AI apps with caution: Bank of America has already banned staff from business use of ChatGPT. Other banks have done the same, including: