A new research paper on Generative Artificial Intelligence (GenA.I.) in the financial services sector highlights its transformative potential, focusing on operational efficiency, risk management, and customer engagement. Released under the Hong Kong Monetary Authority’s “All banks go Fintech” initiative, the paper examines the current state of GenA.I. adoption, key applications, and associated challenges, such as data privacy and algorithmic bias. It offers recommendations for governance and responsible integration of GenA.I. into financial institutions. Authorized Institutions are encouraged to review the paper and utilize the new GenA.I. Sandbox for testing. For inquiries, contact the HKMA.
Resources: https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2024/20240927e1.pdf
