📰 According to a Risk.net report, US Federal Reserve officials are confident in the potential of artificial intelligence (AI) as a “super-analytics” for banks and the government. As part of a discussion at Chicago AI Week, Sunaina Tuteja, the Fed's chief innovation officer, discussed five possible use cases for generative AI: data cleaning, customer engagement, content generation, legacy code translation, and operational efficiencies. However, despite the potential, Tuteja highlighted the risks and limitations of AI, especially in the financial sector where accuracy is critical.