Survey reveals Hong Kong’s significant potential for AI applications in financial services
A joint survey conducted by the Hong Kong Trade Development Council (HKTDC) and PricewaterhouseCoopers (PwC) has revealed insights into the potential of artificial intelligence (AI) in the city’s financial services industry.
Presenting the survey’s key findings at the Asian Financial Forum (AFF), PwC Asia Pacific and China Chairman Raymund Chao emphasized Hong Kong’s position as a prime environment for AI adoption.
The survey aimed to assess Hong Kong’s AI competencies within the financial services sector, shedding light on the challenges and opportunities organizations encounter in integrating AI in their businesses.
According to the survey findings, respondents, who were 86 Hong Kong-based senior executives, see the country as in sync with global AI development in the financial services industry. Over 60% foreseeing significant opportunities in automated and algorithm-based trading, more efficient AI customer service, enhanced fraud detection, and streamlined insurance claims processing. However, companies implementing AI encounter primary challenges related to data availability and quality, along with concerns about cybersecurity and data privacy.
The survey also pointed to a need for regulatory adjustments, including the establishment of a robust data governance framework and a dedicated regulatory framework for responsible AI use.
Despite Hong Kong’s apparent advantage in investor awareness and access to financial capital for AI projects, there are reservations about workforce readiness. The survey results suggested that furthering AI use in the Financial Technology industry, promoting data sharing, and formulating policies to attract and cultivate AI-related talent are recommended for fully maximizing AI’s potential.
PwC’s Raymund Chao further highlighted the need for business reinvention to respond to AI and underscored the need for a “collaborative, responsible, human-led and tech-enabled approach to AI” to open doors to “tremendous opportunities for a shared tomorrow.”
The survey’s findings provide insights into Hong Kong’s position in the global race for AI and its potential to lead in integrating AI into the financial services industry.
