Bank of Hong Kong researches the influence of artificial intelligence on employment and skill requirements in the banking sector.

Hong Kong’s central bank, the Hong Kong Monetary Authority (HKMA), is actively assessing the potential impact of artificial intelligence (AI) on banking professionals. In a recent announcement, the HKMA urged financial institutions to plan workforce development and training strategies as AI’s influence becomes increasingly evident in the banking sector. Some banks have already taken steps to re-skill their staff for new roles in preparation for technological advancements, with 2% of their employees transitioning into these positions after training programs. The HKMA deputy chief executive, Arthur Yuen, emphasized the need for proactive planning and highlighted the importance of enhancing employees’ knowledge and skills to enable them to coexist with technology in the AI era. To support the industry, the HKMA has updated its Supervisory Policy Manual on capacity building, urging banks to set a clear future direction for workforce development and allocate resources to staff training. Additionally, the HKMA will conduct a study to determine the extent of AI’s impact on job roles within banking, providing a reference for the industry and enabling better support for affected employees in their potential transition to other roles. Yuen also stressed the importance of talent in ensuring the sustainable development of the banking industry and expressed optimism that, with collaborative efforts, the region’s banking sector can effectively maximize the benefits of technology while minimizing its impact on the labor market.