The Bank of Japan has announced that it will closely monitor how artificial intelligence and technology investments affect the stability of the financial system. Although the Japanese system is robust, the authority fears that non-banking activities and cyberattacks could create imbalances. The goal is to protect citizens' savings and credits by anticipating crises.
AI and non-bank finance under the central bank's microscope 🔍
The entity will analyze the impact of artificial intelligence on credit granting and risk management, as well as the growth of technology companies offering financial services without being banks. It will also assess the possibility of large-scale cyberattacks that could paralyze digital payments. The goal is to detect vulnerabilities before they affect the global system, ensuring that money and credits continue to flow normally.
Don't worry, the bank already has a plan in case AI goes crazy 😅
Because yes, now we have to worry about an algorithm deciding your mortgage is an existential risk or a grumpy hacker taking down your online banking. Good thing the Bank of Japan says everything is under control. In the end, what matters is that our money is safe, even if an artificial intelligence thinks we are a glitch in the matrix.