New Delhi: As many as 84 per cent of global wealth management firms believe their operating models need a fundamental redesign to realise the potential of artificial intelligence (AI), but less than 10 per cent are prepared for the transition, according to a HCLTech study released on Monday.

The report, titled 'Hidden In Pl(AI)n Sight', found that 98 per cent of leadership teams in the wealth management sector are actively pursuing an AI agenda, while just over 7 per cent are building capabilities in agentic AI.

For the study, HCLTech surveyed 1,066 "representative AI personas" modelled on senior wealth management decision-makers across 17 global markets.

The findings identified three major gaps preventing firms from turning AI initiatives into measurable business results.

The "ambition blind spot" refers to firms recognising the need for transformation but largely funding efficiency improvements. The "execution blind spot" reflects a mismatch between technology investments and spending on proprietary client data and insights.

The "strategy blind spot" involves institutions focusing on AI adoption rather than its impact on growth and revenue, the report said.

"The industry doesn't have an investment problem. It has a choice problem," said Srinivasan Seshadri, Chief Growth Officer and Global Head of Financial Services at HCLTech.

The study also found significant regional differences in AI readiness and confidence. The Asia-Pacific region recorded the highest confidence level at 89 per cent, followed by North America at 84 per cent, while Europe stood at 38.3 per cent.

Executives surveyed identified first-party and behavioural data as more important differentiators than technology infrastructure, cloud platforms and external AI partnerships.

Nearly 80 per cent of respondents also believe future industry leaders will be those that effectively combine AI capabilities with human expertise and ecosystem partners, the report said.