New Delhi [India], September 29 (ANI): As many as 84 per cent of global wealth management firms believe their operating models need fundamental redesign to fully realise the potential of artificial intelligence (AI), while only 12 per cent are measuring whether such changes are generating new revenue, according to a study released by HCLTech.
The AI-based synthetic research study, titled “Hidden In Pl(AI)n Sight”, was based on 1,066 representative AI personas modelled on senior wealth management industry decision-makers across 17 global markets, HCLTech said in a press release.
The study found that although 98 per cent of leadership teams in the industry are actively pursuing an AI agenda, only slightly more than 7 per cent are actively building agentic AI capabilities.
HCLTech said the findings indicate that the industry’s AI challenge is increasingly about how businesses redesign their operations and measure outcomes, rather than simply adopting the technology.
“The industry doesn't have an investment problem. It has a choices problem,” said Srinivasan Seshadri, Chief Growth Officer and Global Head of Financial Services, HCLTech.
“Nearly every wealth management firm is spending on AI. Far fewer can say which programs they are funding, how far AI actually reaches into the operating model, or whether they're measuring the outcomes that matter — new client value, growth and revenue models,” he said.
The research identified three key areas where wealth management firms are falling short -- ambition, execution and strategy.
The ambition gap refers to firms recognising the need for transformation but continuing to fund AI mainly for efficiency gains. The execution gap reflects technology investments not being matched by investments in proprietary client data and insights, while the strategy gap relates to tracking AI adoption without measuring its impact on growth, revenue and clients.
Seshadri said 84 per cent of leaders wanted fundamental redesign, but only 12 per cent were measuring the new revenue that such redesign should produce.
The study also found that executives ranked first-party and behavioural data as a more valuable differentiator than technology infrastructure, cloud platforms or AI partnerships. Nearly 80 per cent believe future industry leaders will be those that best combine AI, human expertise and ecosystem partners.
HCLTech said the research was conducted in partnership with Evidenza, with subject matter experts involved in persona design, research development and validation. (ANI)
84% wealth management firms see need to redesign operating models for AI: HCLTech
