European banking executives are concerned about the growing reliance on major U.S. tech companies for AI capabilities.

Banks need significant computing power for AI development, leading to increased dependence on external technology providers.

This reliance is raising regulatory concerns, prompting British regulators to consider measures to address the issue.

The European Union's securities watchdog emphasizes the importance of protecting customers when banks use AI.

Despite these challenges, there are emerging opportunities for AI in financial services, such as ING's AI chatbot for customer service.

The industry must navigate the evolving landscape of AI in banking while balancing risks and regulatory compliance.