New Infosys and HFS Research Report: The Surprising Truth About AI in Banking and Financial Services
In the bustling tech landscape of 2025, Artificial Intelligence (AI) has become more than just a buzzword. It’s a game-changer, a transformative force that’s reshaping industries left, right, and center. And none more so than Banking and Financial Services (BFS).
Recently, Infosys, a renowned global leader in next-generation digital services and consulting, teamed up with HFS Research to shed some light on this intriguing topic. Their new report, “Why, What, and How Financial Services firms can be AI-First,” revealed some fascinating insights.
Two-Thirds of BFS Enterprises Have Updated Their AI Strategy
First things first, the report indicated that a whopping 66 percent of BFS enterprises have updated their AI strategy. That’s a significant number, isn’t it? It shows that the industry is recognizing the importance of AI and is making moves to incorporate it into their business models.
But Are They Doing It Right?
Here’s where things get interesting. Despite this progress, an alarming 88 percent of BFS firms lack a comprehensive, enterprise-wide AI strategy. Ouch! This means that while they’re dipping their toes into the AI pool, they’re not fully committing. And that’s a problem.
The Gap Between AI Initiatives and Business Objectives
The Infosys-HFS Research report underscored this critical gap at many BFS firms between AI initiatives and overarching business objectives. It’s like having a state-of-the-art AI system but not knowing how to use it effectively to achieve your goals. Not ideal, right?
What Does This Mean for Me?
As a consumer, this could mean a few things. For starters, you might not be experiencing the full potential of AI in your dealings with BFS institutions. You might not be getting personalized services or quicker resolutions to your queries. But, it’s also an opportunity for change. As more firms invest in comprehensive AI strategies, we can expect better services and more efficient processes.
What Does This Mean for the World?
On a larger scale, this lack of a comprehensive AI strategy could impact the global economy. The financial sector is a major contributor to economic growth. If BFS firms don’t leverage AI effectively, they might miss out on opportunities to streamline processes, reduce costs, and improve customer experience. And that could have ripple effects across industries and economies.
Conclusion: Time to Get Serious About AI
In conclusion, the new Infosys and HFS Research report serves as a wake-up call for BFS enterprises. It’s time to get serious about AI and develop comprehensive, enterprise-wide strategies. After all, AI is not just a tool; it’s a new transformation lever that can help businesses stay competitive in today’s fast-paced world. So, let’s embrace the power of AI and reap the benefits!
- Two-thirds of BFS enterprises have updated their AI strategy
- 88 percent of BFS firms lack a comprehensive, enterprise-wide AI strategy
- AI initiatives and business objectives are not aligned at many BFS firms
- This could lead to missed opportunities for improved services and efficiency
- It could also have larger economic implications
