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Hakk?da 2024 Financial Services & Insurance State of Data Report: 97% Say Generative AI Matters for Success


FSI data leader survey reveals gaps in infrastructure that could grind future innovation to a halt

NEW YORK, April 16, 2024 /PRNewswire/ -- Hakkoda, a cloud data engineering consultancy specializing in Snowflake, today released its 2024 Financial Services & Insurance State of Data Report, surveying 145 director to CEO level data leaders from large financial services and insurance (FSI) organizations.

Artificial intelligence is poised to disrupt the financial services and insurance industry in a significant way in the next three years, with 97% of FSI organizations indicating that they believe generative AI will be important to their success within that time frame. Additionally, 81% of FSI respondents are confident that their organization's data team can build the AI capabilities they need and that they have the infrastructure in place to support AI workloads, and 84% believe their teams also have the AI skills and expertise for successful implementation. However, only 26% of FSI organizations have defined generative AI use cases they are ready to implement. Critically, just 30% of surveyed FSI organizations have modernized their data stack.

Other Financial Services State of Data 2024 report findings:

Financial services leaders report 136% ROI on their data investments and greater organizational data literacy than other industries, but their data infrastructure tends to lag behind other data-driven industries. Their data stacks are reportedly less scalable and efficient than other sectors surveyed, with only 8% of FSI leaders reporting their data stores and pathways are "extremely efficient and scalable."

"The State of Data 2024 report shows that financial services organizations are eager to modernize their data stacks, implement generative AI, and tap into data monetization," said Anand Pandya, Global Head of Financial Services at Hakkoda. "FSI data leaders know they need help from modern data experts who understand their industry to achieve their data goals. Capturing the opportunities presented by powerful new data-driven technologies requires rapid execution along a long-term roadmap to show that tomorrow's capabilities are ready today."

A detailed executive summary and the Financial Services State of Data 2024 report is available here.

The Financial Services State of Data report was drawn from a study conducted on behalf of Hakkoda by Lawless Research in December 2023 as a blind survey of 500 director to CEO level data leaders from large organizations across major industries. 20% of respondents came from organizations with less than $500M annual revenue; 29% with $500M to $999.9M annual revenue; 37% with $1B to $9.9B annual revenue; 14% with $10B or more annual revenue.

About Hakk?da
Hakkoda leads the world in Snowflake consulting. We supply the talent and managed services that organizations need to transform their cloud data architecture. Our Snowflake specialists work with clients in highly complex industries so they can deliver data-driven innovation. To learn more, visit hakkoda.io.

Media Contact
Julia Stevens
(919)522-5591
[email protected] 

 

SOURCE Hakkoda, Inc.


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