London, 02 December 2024. New research from KTSL, leading independent service management and integration specialists, reveals that while 80% of IT leaders in Financial Services recognise AIOps is important for future success, only 3.5% have fully integrated AIOps across their business.
AIOps is a technology-driven approach that combines artificial intelligence (AI) and machine learning (ML) with traditional IT operations management practices. The integration of AI into IT operations has the potential to bring enormous benefits to Financial Services companies, reducing operational costs and enabling IT teams to focus on high-value strategic initiatives.
This research, commissioned by KTSL and in collaboration with KTSL partners Jitterbit and BMC, was conducted in October 2024 by independent market research firm Censuswide. The research surveyed 400 senior IT decision-makers working in large Financial Services companies in the UK and US to uncover the rate of AIOps adoption and where respondents see challenges and opportunities within their companies.
The research report entitled ‘Accelerating AIOps: assessing the progress of AIOps transformation’ shows that 80% of IT leaders believe that AIOps is important to their future success. When it comes to adoption, 61% of Financial Services companies have started their AIOps journey – but a quarter (26.5%) are still in the planning stage and 22.5% are in the delivery stage. Only 3.5% have fully integrated AIOps into their IT operations and processes.
For the 39% of respondents who have yet to embark on their AIOps journey:
- 19.5% plan to start in the next 12 months (UK 11% Vs US 27.5%)
- 16% plan to start in next 12-36 months (UK 14.5% Vs US 17%)
The advantages of AIOps are far reaching, from improving operational efficiencies and reducing costs, to tapping into real-time data and informing decision-making, as well as reducing downtime. There are also benefits for customers and colleagues, enhancing the customer experience and moving lower value, repetitive tasks away from critical staff. According to the new research, the top three drivers behind the adoption of AIOps are:
- Automating repetitive/manual tasks (86%)
- Improving customer experience (84%)
- Enhancing decision making with real-time data (83%)
The top three barriers for adopting AIOps are:
- Integration capabilities don’t support AIOps (56%)
- AIOps is not on our strategic roadmap (42%)
- Lack of necessary skills or expertise within the team (33%)
UK and US based IT decision makers working in Financial Services agree on the importance of AIOps to future business success. However, the two countries differ in the various stages of its adoption and face distinct challenges and priorities with its rollout.
- 71% of UK based respondents have started to adopt AIOps versus only 52% in the US
- 89% of UK Financial Services companies that have started or established AIOps have been successful with its implementation, compared to 78% of US firms
- 65% of US IT leaders that have not started their AIOps journey cited the biggest barrier as ‘integration capabilities don’t support AIOps’ versus 43% of UK IT leaders
- 42% of US IT leaders that have not started their AIOps journey said ‘a lack of necessary skills or expertise within the team’ was a challenge versus only 19% of UK IT leaders
Aaron Perrott, CTO at KTSL said:
“This new research confirms that AIOps is widely recognised as key to success in the Financial Services industry, unlocking efficiencies and enhancing customer experiences in powerful ways. However, the fact that only 3.5% of companies have managed to fully integrate AIOps across their businesses points to the need for greater collaboration and expertise, and the need to work with partners who have a track record of successful deployments.”
Luca Taglioretti, VP of International Sales at Jitterbit said:
“It’s promising to see that over 60% of IT leaders in Financial Services have started their AIOps journey, but still the overwhelming majority have yet to fully integrate AIOps. One of the biggest barriers to successful deployment is the fact that current integration capabilities do not support AIOps. This is where iPaaS can play a critical role in overcoming automation and integration challenges, simplifying and accelerating AIOps by providing connectivity across legacy systems, cloud environments, and other critical data sources.”
You can download the full research report entitled ‘Accelerating AIOps: assessing the progress of AIOps transformation’ here: https://www.ktsl.com/aiops-report/
