Moody's says banks are now captive to a handful of AI vendors and a single outage could hit multiple sectors at once.

The Bank of the Future report found most financial firms depend on a small group of foundation-model and cloud providers, creating systemic dependency plus pricing-power risk. It also notes AI-related financial gains across banking remain modest so far. The leading indicator is regulators sharpening focus on AI-stack concentration: that's the mechanism by which model-vendor choice becomes a compliance question rather than an engineering one.