The Financial Services Industry (FSI) is at the forefront of artificial intelligence (AI) adoption, exploring innovative applications that enhance operations and customer experiences. The upcoming FSI & AI Hong Kong Summit, scheduled for 9 April 2025, marks its second edition and aims to delve deeper into the evolving landscape of AI within this sector. Attendees can anticipate updates on the event theme, program topics, and speaker line-up as the date approaches.
According to a recap of the 2024 event, early adopters in the FSI have successfully integrated AI across several key areas. Use cases include enhancing customer experience, improving fraud detection, and aiding investment selection. Other applications noted are Know Your Customer (KYC) processes, customer onboarding, personalisation efforts, security measures, governance, risk management and compliance (GRC), as well as credit and underwriting decision-making. Additionally, environmental, social, and governance (ESG) considerations are becoming increasingly central to these AI strategies.
Despite the promising advancements, AI and data leaders in the FSI continue to face critical challenges. Issues related to trust, ethics, compliance, and governance are paramount, particularly in an environment that demands rapid scaling. The regulatory landscape requires AI models to be not only effective but also robust, explainable, and validated to ensure fairness and privacy are maintained amidst growing scrutiny.
The FSI & AI Hong Kong Summit strives to create a collaborative environment for AI and data leaders from banking, financial services, and insurance sectors. The event will feature a combination of insightful presentations and panel discussions, aiming to promote responsible AI adoption. By focusing on maximising business impact while adhering to regulatory standards, the Summit seeks to pave the way for a secure and sustainable AI future in finance.
Source: Noah Wire Services