European banks face rising AI costs and US reliance concerns
Business
European banks are leaning on artificial intelligence, or AI, to make their work faster and smarter, like automating analyst reports or crunching numbers for trading.
But as more banks jump in, the price of using powerful AI tools has shot up, stretching budgets thin.
Plus, relying on US tech giants for these services is making some banks uneasy about long-term costs and control.
European banks build own AI models
With expenses soaring from thousands to millions, many banks are now building their own AI models for specific tasks instead of renting pricey tech.
Some may also look to collaborate with other firms to share expertise and reduce costs.
The focus is shifting: stay innovative without breaking the bank or getting stuck depending on outside providers.