WeLab Bank has taken a significant step forward in its AI deployment strategy by exploring innovative solutions to enhance customer service and operational efficiency, according to a report by The Standard on 20 February 2025.
The bank’s focus on adopting practical AI applications aims to address specific challenges while ensuring data security and compliance with local regulations.
WeLab Bank‘s CEO and executive director, Tat Lee, said that large language models like ChatGPT, while powerful, have limited use in Hong Kong’s banking sector due to network instability and high operational costs.
He noted that using these models through VPNs often results in slower performance and could incur annual fees running into millions in US dollars. To tackle these issues, the digital bank is leveraging DeepSeek, an open-source model uniquely capable of forming a closed-loop system.
This model integrates seamlessly with local systems, guaranteeing robust information security and preventing data leakage. Additionally, DeepSeek can generate customised content tailored to the bank’s policies and customer needs, making it a cost-effective and efficient choice for AI deployment.
A key initiative in the WeLab Bank AI deployment strategy is the development of AI agents aimed at delivering an enhanced customer experience. According to Lee, the bank plans to announce its AI-powered products to the public soon.
He reassured that the use of AI will not lead to job losses within the organisation. Instead, it will empower employees to take on more creative roles.
WeLab bank achieved breakeven in December 2024, four years after its launch. The bank also notably facilitated the disbursement of over HK$61 million in subsidies for Hong Kong students, via its digital settlement system comprising stored-value facilities like e-wallets and the Faster Payment System (FPS).
Source of image: Edited from Freepik