Most Banking, Financial Services Firms Lack Unified AI Strategy; Privacy Among Top Challenges: Report [English]

Author: Ndtv Profit Tech | Source: NDTV Profit | Read the full article in English

In a recent study conducted by Infosys, it was revealed that many banking and financial services companies are struggling to implement a unified strategy for artificial intelligence (AI). While a significant number of these firms have updated their AI strategies due to the rise of generative AI, a staggering 88% still lack a comprehensive approach that spans their entire organization. This disconnect means that AI initiatives are often scattered and not aligned with the overall business goals.

The study surveyed 505 leaders in the banking and financial services sector and found that, despite heavy investments in AI, there is a pressing need for these companies to better integrate AI into their strategic frameworks. Without a cohesive strategy, AI efforts tend to be isolated within specific departments or regions, limiting their effectiveness and potential impact.

To fully harness the benefits of AI, the report emphasizes the importance of strong leadership and governance. It suggests that a top-down approach, combined with insights from domain experts, can help create a more unified and effective AI strategy. By addressing existing roadblocks and enhancing governance practices, banking and financial services firms can unlock the true potential of AI and drive greater value across their organizations.

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