From CNBC: 2024-10-09 04:55:47

Big technology companies are focusing on smaller, more precise AI models for sectors like law, finance, and health care. Financial services firms like HSBC are embracing AI, but must separate hype from tangible results. Bold statements about AI’s efficiency in the financial sector may be exaggerated. Klarna uses AI to offset productivity loss due to workforce reductions. AI’s impact on jobs and society is significant, prompting concerns and the need for alternatives to support affected individuals. Banking leaders emphasize the importance of continuous learning and cautious AI adoption. Lloyds is proceeding carefully with generative AI tools in back-office automation and client interactions. AI is reshaping financial services, but not as disruptively as some firms claim. Trustly CEO sees AI as a major technology lever in payments, focusing on improving customer experience through intelligent charging mechanisms. Trustly reports 5-10% efficiency gains from implementing AI.

Read more: HSBC exec says there’s a lot of AI ‘success theater’ in finance