Aws, Google And Microsoft Are In An Ai Arms Race. Banks Are Watching.

The three major cloud computing vendors, Amazon Web Services, Google and Microsoft, have invested heavily in generative AI. AWS recently announced a $100 million investment in a generative AI innovation center, while Microsoft has invested $13 billion in OpenAI. Generative AI has the potential to transform applications, industries and businesses, and banks are beginning to explore its use cases, such as improving chatbots and summarizing documents. Financial services organizations are increasingly interested in generative AI, as they recognize its potential to be transformative. Synchrony Financial and SouthState Bank are already exploring the use of generative AI in their operations.