“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.
“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 (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.”