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.
The organisation, which operates banking services for the world’s central banks, has carried out several experiments using the technology. It said AI was likely to be “a game changer for many activities and have a profound impact” on the broader economy and financial system.