According to one survey, international banking, financial services, and insurance (BFSI) sectors worldwide in 2024 had faced unanticipated AI adoption challenges.

Based on a global survey of 231 specialists, C-level executives, and IT decision-makers in the banking, financial services, and insurance (BFSI) sector for 2024, a data infrastructure and hybrid cloud management firm has made some conclusions about challenges related to data infrastructure amid increasing AI adoption last year.
Respondents from 15 countries* had provided insights into data accessibility, AI accuracy, and security concerns. The findings have been interpreted to point to ongoing difficulties in managing data quality and infrastructure readiness, which may affect the successful integration of AI technologies in BFSI organizations.
Survey data suggests that data is accessible when and where needed only about 25% of the time. Meanwhile, AI model accuracy was reported by respondents at roughly 21%, indicating room for improvement in AI performance.

Other findings
The data shows that security remained a top concern among respondents. Some 36% were worried about data breaches resulting from internal AI use, while 38% had expressed concern over the inability to recover data following ransomware attacks. Also:

  • 36% had identified AI errors causing data breaches as a major risk, and 32% had cited fears of AI-enabled attacks compromising data security.
  • Many respondents’ organizations appeared to be implementing AI without fully controlled testing environments: 71% had cited testing AI models in ‘live’ settings, while 4% had cited using sandbox environments designed to mitigate risk.

As interpreted, the survey findings of 231 respondents highlights the areas BFSI organizations are focusing on to strengthen their data infrastructure. These include responsible experimentation, sustainability, system simplification, and enhanced data resilience.

The findings come from a 2024 global survey commissioned by Hitachi Vantara, a data infrastructure and hybrid cloud management company. According to Mark Katz, CTO (Financial Services), Hitachi Vantara, the firm that had commissioned the survey: “…the real barrier to AI success isn’t the technology itself, but the ability to manage data securely, accurately, and at scale.”

*Respondents being selected from 15 countries, but no timeline or representativeness data was provided in the full survey report.