Opinion | Hong Kong banks must catch up to regional rivals in artificial intelligence race
Big players in Hong Kong such as such as HSBC, Hang Seng Bank and Standard Chartered are just scratching the surface when it comes to the use of artificial intelligence
Hong Kong’s banking and finance sector needs to catch up to its regional rivals in the artificial intelligence (AI) race, or risk losing its competitive edge and status as Asia’s premier international financial centre.
According to the Asian Index of Artificial Intelligence developed by the Asia Business Council, the city lags behind its neighbours in the region in embracing AI technology, including the mainland, Singapore and India.
AI has been both idolised and scrutinised for its potentially limitless uses. So it’s no surprise that, on the back of recent significant advancements, conversations on its potential to revolutionise business have exploded.
Although some big players in Hong Kong such as HSBC, Hang Seng Bank and Standard Chartered are using AI technology such as chatbots to serve their customers, this is just scratching the surface.
Just as humans must learn new skills and practices, so too must AI systems take time to learn and adapt – and as we know, learning is an infinite process. AI isn’t perfect, and probably never will be, but banks shouldn’t be put off.