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The CSSF thematic report on AI of 3 May 2023 has revealed that about one third of financial institutions that participated in a joint survey of the CSSF and the BCL(1) have confirmed to have invested in artificial intelligence technology (‘AI’) in 2021, and indicated a general increase of panned investments for the years 2022-2023 across all innovative technologies. In April 2023, three fourths of respondents who participated in a survey carried out by the Luxembourg Banker’s Association (ABBL) considered ChatGPT as an opportunity for their business rather than a threat(2).
AI is an innovative technology that can serve to benefit the financial sector by, for example, improving fraud detection mechanisms, improving internal efficiencies, and providing for new customer...
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