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Research from Infosys reveals that a significant majority of banking and financial services firms lack a cohesive enterprise-wide AI strategy. Despite increased investments in AI technology, 88% of these organizations operate without a comprehensive framework, highlighting a critical disconnect between AI initiatives and business objectives. The study, conducted in partnership with HFS Research, surveyed 505 global leaders in the sector, indicating a pressing need for strategic alignment in AI adoption.
The report emphasizes the importance of integrating AI across all business functions rather than allowing initiatives to remain isolated. With only 12% of firms maintaining a global AI strategy, the focus on enhancing productivity over innovation is evident. Recommendations include a dual approach that combines top-down strategic direction with bottom-up execution, underscoring the necessity for robust governance and talent development to unlock AI's full potential.
• 88% of BFS firms lack a comprehensive AI framework.
• Only 12% of firms have a global AI strategy.
AI strategy refers to a comprehensive plan for integrating AI technologies across an organization.
Generative AI involves algorithms that can create new content, prompting firms to revise their AI approaches.
AI governance encompasses the frameworks and policies that ensure responsible AI implementation and management.
Infosys provides AI governance frameworks to help financial institutions implement AI at scale.
HFS Research collaborates with Infosys to analyze AI adoption trends in the banking sector.
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