Over half of HK banks optimistic on growth, generative AI tops investment priorities

Over half of banks are optimistic about the future development of Hong Kong’s banking industry, pointing to generative AI as the most pressing investment, the "Hong Kong Banking 2030” report shows.

The report, jointly published by the Hong Kong Association of Banks and Deloitte, examines the banking industry's strategic development opportunities toward 2030, including industry opportunities, digital innovation, inclusive financing and customer trust, and risk and resilience. It puts forward 37 core recommendations around four pillars: enhancing international connectivity, interconnection, innovation empowerment, and diversity and inclusion.

Based on survey responses from member banks of the HKAB, the report shows that 52 percent of surveyed banks are optimistic about the future development of Hong Kong's banking industry, while 47 percent expect gradual improvement. They believe Hong Kong benefits from its deep ties with the Chinese Mainland, robust infrastructure, and market depth that other financial centers find difficult to replicate, and expect these advantages to strengthen progressively.

The report shows that 53 percent of banks rank generative AI and process automation as their top priority for technology investment, indicating the industry has clearly moved from the experimental stage toward full-scale adoption. 36 percent of banks cite cyber resilience as their most pressing challenge, and 25 percent identify cybersecurity as their top technology investment area, focusing on AI-driven threat detection, automated incident response, and predictive defence.

Natalie Chan, Hong Kong Banking 2030 program leader, Deloitte China, said Hong Kong's banking industry is confident about its growth prospects, with banks of various scales, ownership structures, and market positioning holding consistent views on the opportunities, and expressed hope that the report can drive deeper industry collaboration and lead technological innovation.
 

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