Hong Kong brokers bypass AI chatbots in favour of social media apps

Hong Kong brokers prefer to use popular messaging apps such as WhatsAapp and WeChat to stay in touch with clients, even as artificial intelligence powered chatbots are being embraced by large financial institutions, according to a survey by the Hong Kong Securities Association. Banks such as HSBC and Standard Chartered Bank are leveraging AI-powered chatbot platforms to answer enquiries by customers, trhjoining a growing global trend which is seen as offering improved customer service and lower business costs. Many small and medium-sized brokerages, which make up most the city's 500 licensed securities dealers, have no intention of using the technology, the survey found. Of the 300 brokerages polled in January and February, 81 per cent said they had no plans to introduce a chatbot, while only 8 per cent said they currently use one. About a tenth of those surveyed said they plan to adopt the technology to support their customer service initiatives.