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Most still allocate 10% or less of tech budgets.
Financial institutions in Hong Kong and the Chinese mainland are using artificial intelligence more for strategic transformation than for simple efficiency gains, according to a PwC report.
The study found that firms are focusing on how AI can strengthen market position and expand strategic options, rather than prioritising immediate financial returns.
Still, PwC said investment remains limited, with 61% of surveyed financial institutions allocating 10% or less of their technology budgets to AI, indicating a 30% to 40% gap against the global standard.
The report said 57% of respondents use AI to augment employees’ roles, suggesting firms are deploying the technology to complement staff rather than mainly to reduce headcount. It added that AI projects are already contributing to lower risk, more effective compliance, increased revenue, and lower costs.
PwC said wider deployment is being held back more by talent shortages and organisational rigidity than by budget or technical capability. Only 29% of respondents said they had established an AI-first culture, whilst the top barriers to further investment were data availability, regulatory concerns, and the need to prioritise existing core systems.
The survey covered 201 financial services professionals and 20 in-depth interviews conducted between October 2025 and January 2026 across banking, insurance, and asset and wealth management in Hong Kong and the Chinese mainland.
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