For example, banks are beginning to use artificial intelligence (AI) in credit underwriting, back-office operations, various aspects of risk management, and customer service. Technology is also leading to new bank business models. Many banks are using application programming interfaces and other technology to allow nonbank technology firms to provide financial services.
(2019), “The link between labor cost and price inflation in the euro area”, ECB Working Paper No 2235. [7] See, for example, Ozimek, A. (2017), “Macroeconomic Benefits of the Shale Oil Revolution”, Moody’s Analytics. In addition, the transition to a low-carbon economy has initiated a process through which demand for fossil fuels will gradually decline.