Report on Application of artificial intelligence technology in banking industry From Hong Kong Monetary Authority

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The following is the Report on Application of artificial intelligence technology in banking industry From Hong Kong Monetary Authority recommended by recordtrend.com. And this article belongs to the classification: artificial intelligence, research report.

The Hong Kong Monetary Authority (HKMA) has published a report entitled “reshaping banking with artificial intelligence”. The report is one of a series of publications on the opportunities and challenges of the application of artificial intelligence in banking industry.

In 2019, the HKMA commissioned a consultancy firm to conduct a study on the application of artificial intelligence technology in Hong Kong’s banking industry. The results are detailed in this report. The report describes the opinions of a number of scholars and industry experts, and lists the results of the overall industry survey conducted by banks, industry organizations and financial technology companies in the third quarter of 2019. According to one of the major survey results, nearly 90% of the retail banks surveyed have adopted or plan to use artificial intelligence to conduct business.

In order to help the industry understand the risks and potential of applying AI technology, the report covers the latest development trend of AI, potential business application scenarios, the development status of AI in banking industry, relevant challenges and considerations in its design and application, and market prospect.

Mr Lau Ying Bin, senior assistant president of the HKMA, said: “AI will bring great changes to the business model of the banking industry. Proper application of this technology may reshape the future of banking industry. Understanding this technology and its fundamental impact is essential to fully exploit the potential of artificial intelligence. We hope that this report and subsequent reports will provide some useful references for the industry so that the industry can further adopt this technology. “

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