Artificial Intelligence in Banking: Hong Kong Academy of Finance Publishes Report on AI and Fintech

“The most extensive use of AI applications can be seen in the middle office functions, accounting for some 57% of total number of use cases where the technology has been adopted or planned to be launched. This is followed by customer services accounting for 17%, while front and back offices account for 12% and 14% respectively.”

The report, Artificial Intelligence in Banking: The Changing Landscape in Compliance and Supervision, may be downloaded here.

How the coronavirus is turbocharging Hong Kong’s fintech revolution

  • “Forced to adapt quickly, Hong Kong’s banking and financial services industry has hastened its adoption of digital transformation and AI in the name of survival, supported by a rapidly evolving regulatory environment
  • For Hong Kong’s financial institutions, Covid-19 will propel growth in AI technologies such as biometric facial recognition and electronic “know your customer” for remote account opening and onboarding, as well as AI fraud-detection.”

The Hong Kong Monetary Authority Publishes Report on Artificial Intelligence and Banking

  • “The Hong Kong Monetary Authority (HKMA) has published a report entitled “Reshaping Banking with Artificial Intelligence.” The Report is part of a series of publications on applying AI technology, including Robo-advisors, to the banking industry.
  • 70 of the world’s largest 100 banks operated in Hong Kong.  In general, banking provides 18% (HK$ 270.4 billion) of Hong Kong’s GDP – a significant amount.”

The report is embedded below.