The Great AI Divide: New survey finds financial services leaders struggle with data governance and infrastructure demands

The rapid advancement of artificial intelligence (AI) is placing unprecedented demands on traditional data infrastructures forcing businesses in the Banking, Financial Services and Insurance (BFSI) sector to prioritise between security, quality and sustainability, according to a new survey from Hitachi Vantara, the data storage, infrastructure, and hybrid cloud management subsidiary of Hitachi, Ltd. (TSE: 6501). Reflecting input from 231 global IT and business leaders, the State of Data Infrastructure 2024 Report found that while 36% recognise the importance of data quality for AI success, financial leaders’ focus remains on data security, leaving gaps in AI performance and long-term ROI.

Nearly half (48%) of respondents cite data security as their top concern for AI implementation, reflecting the critical need to guard against internal and external threats. This is understandable considering that 84% of respondents admit that losing data to an attack or mistake would be catastrophic. However, the ...