Financial executives in Hong Kong are moving faster than other markets when it comes to generative artificial intelligence, according to a survey by Finastra.
In 2023, 37 percent of financial institutions worldwide improved or deployed AI technology in the last 12 months, according to a survey by London-based financial software firm Finastra. This marks an increase from 30 percent in 2022.
Specifically with regards to generative AI, 83 percent of professionals said their institution was interested in the emerging technology. Hong Kong was an adoption leader with 38 percent claiming their organization had already started rolling out generative AI capabilities.
Accelerating Tech
Hong Kong also showed a strong interest in other technologies. Its decision-makers are the most enthusiastic about the potential for BaaS (Banking as a service) and embedded finance (95 percent compared to the global average of 84 percent).
The city is also relatively free to continue exploring. According to the survey, 30 percent of financial institutions have not been constrained at all with regard to investing in technology, only behind Saudi Arabia (34 percent). 70 percent have either fully resumed their tech investments or expect to do so by mid-2024.
Finastra’s survey is based on responses from 956 professionals at the managerial level from financial institutions and banks across the US, UK, France, Germany, Hong Kong, Singapore, Saudi Arabia, Vietnam and the UAE. Together, these firms represent 2.4 million staff and approximately 240 million relationships.
