Regulatory Alerts2024-08-19
Added · Updated
HKMA Survey on Consumer Protection in Respect of the Use of Big Data Analytics and Artificial Intelligence
The Hong Kong Monetary Authority surveyed 28 authorized institutions serving retail customers regarding their adoption of big data analytics and artificial intelligence. The findings indicate that 75% of respondents are using or planning to use big data analytics across various banking functions, while 39% are adopting generative artificial intelligence, primarily for internal business purposes. The survey highlights that generative AI applications in customer-facing activities remain in early stages and are largely sourced from third-party off-the-shelf solutions.