Central banks urgently need to “raise their game” to tackle the challenges and opportunities of artificial intelligence, as it transforms economies and the financial system, according to the Bank for International Settlements. The BIS conclusions, outlined in a report released on Tuesday, underline the awareness of global financial authorities that they need to keep pace with the wave of innovation being released by generative AI, including large language models such as ChatGPT.
Many companies have seized on the technology to gain a competitive edge since its emergence last year, including in the financial sector. But central banks have been more cautious owing to concerns about reliability, legal risks and transparency. The US Federal Reserve has started looking into how it could use artificial intelligence in its own operations, but officials there are proceeding cautiously and not considering its usage in any policy work at this stage.
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