Before chasing AI, Bank of America wants banks to fix their data first
What's happening
Bank of America is telling banks to focus on fixing their data before racing to build or buy AI models, arguing model quality isn't the point if the underlying data is unreliable. The note stresses that AI features are only as reliable as the data behind them, and that data reliability determines whether AI can be trusted. This contrasts with industry trends like Moody's warning about concentration risk in banks relying on a few AI vendors, OpenAI's moves that highlight cyber autonomy concerns, and enterprises wanting to own rather than rent general-purpose models because of cost and data exposure.
Why it's trending
Because banks are juggling vendor concentration risk, cyber-autonomy issues and concerns about handing proprietary data to shared models right now.
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Everyone's sprinting to build a proprietary LLM, but Bank of America says that's putting the cart before the horse, clean your data first or your AI will lie to you.
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Original sources5
- Companies Want to Own Their AI, Not Rent It
Enterprises are realizing that renting the same general-purpose artificial intelligence model as every competitor is a losing strategy. Prompting the same closed system erases any edge, and every query hands proprietary business data to an outside AI lab. Running that model can also cost five to 10 times more than a specialized alternative, according to […] The post Companies Want to Own The
PYMNTSAug 12 - RBI governor tells Indian banks to control AI
India's banking sector must be proactive in its adoption of AI and ensure that it determines how the technology reshapes the industry rather than let the technology dictate the inevitable changes.
FinextraAug 12 - Banking’s Next AI Risk Is Cyber Autonomy
Artificial intelligence (AI) is no longer just helping cybersecurity teams find suspicious activity. It is starting to find vulnerabilities, test attack paths and, in some cases, act in ways that stretch the limits of the systems built to contain it. A clear directional signal for the landscape came Friday (Aug. 7), when OpenAI said preliminary […] The post Banking’s Next AI Risk Is Cyber Au
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