State of Data
FSI Report 2024

What responses from top financial service and insurance leaders reveal about the future of data monetization and game-changing applications for GenAI

Hakkoda’s State of Data FSI 2024 report offers a deep dive into emerging patterns in the financial services and insurance space, leveraging a survey of 500 Director to CEO level data leaders, including 145 from large FSI organizations, to put a finger on the industry’s pulse, including the biggest challenges, goals, and opportunities leaders see for their orgs through 2027. 

Findings from the State of Data FSI 2024 report include: 

  • FSI leaders are seeing an average return of 136% on their data investments,  beating out the 126% average seen by other industries. 
  • This lead can’t be taken for granted, however, as only 30% of FSI organizations have modernized their data stack and centralized on a primary cloud data platform and only 22% monetized their data in 2023.
  •  A substantial 74% of FSI organizations plan to address their aging data architecture by modernizing in 2024, with 93% also planning to monetize their data in the next two years. 
  • To achieve their lofty modernization goals, the majority of orgs will be working with IT consultants, service providers, and systems integrators, with 74% of these orgs reporting they will need a “moderate” to “large” amount of outside help 
  • FSI leaders are enthusiastic and confident about their place in the AI revolution, with 81% of orgs reporting that they were “very” or “extremely” confident that their in-house data teams could build the GenAI capabilities they need. Only 26%, however, report that they had defined GenAI use cases ready for implementation.

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“Financial services organizations have commoditized IT and data. That means that every project has a business case associated with it and the data team gets buy-in from the start. As a result, it’s possible to deliver truly exceptional ROI from their projects. But on the other hand, it also means that financial services organizations are deprioritizing some of the most simple but essential modernization projects because they’re more difficult to show ROI. That means that their short term metrics and success rates look exceptional, but their long-term projections become increasingly unstable as they continue to accrue tech debt.”

- Anand Pandya, Hakkoda Global Head of Financial Services