State of Data
FSI Report 2024

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.