7 TCS AI for Business Study – Banking, Financial Services & Insurance Report Executives want to innovate and make money with AI The BFSI industry is slightly more focused on using AI to spur innovation and grow revenue than are most other industries. On a 10-point scale between “optimization” and “innovation,” BFSI executives averaged 6.84, compared to an average of 6.71 for all other industries. Q. On a scale of 1 to 10 — where 1 is solely interested in using AI to lower costs and optimize operations and 10 is solely focused on spurring innovation and revenue growth — where would your company's current approach toward AI fall? 54% 13% 16% 18% 71% 16% 6% 6% PACESETTERS Banking, Financial Services & Insurance Focused on optimization, but with an eye toward innovation Solely or mostly focused on using AI to grow revenue and spur innovation Solely or mostly focused on using AI to lower costs and optimize operations Focused on innovation, but with an eye toward optimization BFSI Pacesetter firms are firmly in the camp of using AI to focus on innovation and revenue growth. of respondents at Pacesetter firms said they were primarily focused on innovation 88% said they were more interested in using AI to cut costs 12% Only