Central banks should embrace artificial intelligence (AI), anticipating its impact on the economy and financial system and harnessing it in their own operations. Widespread adoption could have repercussions for inflation dynamics. The financial sector is among the most exposed to the benefits and risks of AI. Benefits include improvements for lending and payments; risks include more sophisticated cyber attacks. The increased importance of data as a cornerstone of the AI revolution hastens the need for central bank cooperation.

This information was gathered from the Bank for International Settlements