GenAI adoption rising in Hong Kong finance sector

The use of generative artificial intelligence (genAI) is gaining ground in Hong Kong’s financial sector, according to a study by the Hong Kong Institute for Monetary and Financial Research. About 75% of surveyed firms are already developing or implementing at least one genAI use case, with adoption projected to reach nearly 90% within three to five years. Larger institutions are driving the trend, with 83% having started genAI initiatives, compared to 63% of smaller firms. The survey covered 55 entities in insurance, wealth, and asset management, accounting for 57% of total banking deposits and 48% of gross insurance premiums. The study highlighted genAI’s potential to enhance customer engagement and improve digital information management across the financial industry.