Hong Kong banks shift 2030 focus to execution

Nearly all banks remain positive in 2030 as wealth and cross-border demand strengthen.

Hong Kong banks are moving from strategy-setting to delivery as they pursue growth in wealth management, cross-border banking, and artificial intelligence.

A joint Hong Kong Association of Banks-Deloitte report found 99% of respondents positive about the sector’s outlook through 2030. However, 52% identified leading digital transformation as their top leadership challenge, pointing to talent, operating models and organisational structures as key execution priorities.

David Wu, Hong Kong Financial Services Industry Leader at Deloitte, said the main constraint is not demand but banks’ ability to translate opportunities into scalable services.

Cross-border banking remains a major growth area as high-net-worth clients seek greater diversification and Chinese companies use Hong Kong to support overseas expansion.

Wu said banks will need to turn existing connectivity between Hong Kong, Mainland China and international markets into stronger services for corporate and wealth clients.

AI presents a similar challenge. The report found 53% of banks cited generative AI and process automation as their top technology investment priority.

On scaling AI, Wu said, “The very common challenge which they have has been around: how do you scale?”

He said stronger performers are treating AI as an enterprise transformation rather than a series of isolated automation projects, with greater emphasis on business outcomes and workforce upskilling.

Cyber resilience is also becoming a board-level concern. Around 36% of respondents identified cyber threats as their most critical challenge through 2030, while 25% ranked cybersecurity as their top technology investment priority.

For bank executives, the next phase will depend on whether institutions can align leadership, technology and operating models with their growth plans.

Wu will speak at the Asian Banking & Finance and Insurance Asia Summit in Hong Kong on November 5.