A recent study by the Hong Kong Institute for Monetary and Financial Research (HKIMR) reveals a significant rise in the adoption of generative artificial intelligence (GenAI) within Hong Kong’s financial services sector.
Currently, 75% of companies surveyed are either developing or implementing at least one GenAI use case, with projections suggesting this figure will increase to nearly 90% within the next three to five years.
Larger financial institutions are at the forefront of this adoption, with 83% having already initiated GenAI projects, compared to 63% of smaller firms.
The survey, which gathered insights from 55 organizations across the insurance, wealth, and asset management sectors, highlights the growing influence of these industries, which together account for 57% of total banking deposits and 48% of gross insurance premiums.
Enoch Fung, CEO of the Academy of Finance and executive director of HKIMR, emphasized that GenAI has the potential to significantly enhance customer experiences while improving the efficiency of digital information management within the sector.
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