China’s DeepSeek-led AI revolution could boost financial sector profit by up to 13%: UBS

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China’s DeepSeek-led AI revolution could boost financial sector profit by up to 13%: UBS - SCMP

Quick Summary:

Lower labour costs as a result of AI could boost profits of brokerages by 8 per cent and insurance firms by 13 per cent, analyst Craig Cao says.

Cao said that while the current implementation rate of generative AI across all industries was less than 10 per cent, the use cases in financial institutions accounted for as much as 37 per cent of the total in 2023 and 2024.

UBS is bullish on the prospects of Chinese brokerage and insurance stocks.