The research was published on 28 September 2026 in a report titled Hidden In Pl(AI)n Sight. It was conducted in partnership with Evidenza using synthetic research methodology: rather than surveying industry leaders directly, the study constructed 1,066 AI personas modelled on senior wealth management decision-makers across 17 global markets. The methodology is both a research instrument and a demonstration — HCLTech is a technology consultancy, and the report is itself an example of AI-at-scale analysis of the kind it recommends to clients.
UK findings sit at the sharper end of the data. Among UK wealth and private-banking leaders, 85.7% say their operating model needs a fundamental rebuild and 83.8% say AI is being wasted on today’s workflows. Yet the response is cost-led: 74.0% prioritise cost reduction as a driver, compared with 54.3% focused on new revenue. Legacy technology is the most frequently cited constraint, with 49.9% naming legacy core systems as the biggest barrier to growth and 53.6% naming them as the main obstacle to AI adoption.
Srinivasan Seshadri, Chief Growth Officer and Global Head of Financial Services at HCLTech, said the sector does not have an investment problem but a choices problem. “Nearly every wealth management firm is spending on AI. Far fewer can say which programs they are funding, how far AI actually reaches into the operating model, or whether they’re measuring the outcomes that matter — new client value, growth and revenue models. Our research found that 84% of leaders want a fundamental redesign, yet just 12% are measuring the new revenue that the redesign should produce. That’s the blind spot the winners will close first.”
The report identifies three blind spots: an ambition blind spot, where firms fund AI for efficiency while aspiring to transformation; an execution blind spot, where technology investment is not matched by investment in proprietary client data; and a strategy blind spot, where firms track adoption but not impact on growth or revenue. Regional variation is pronounced — APAC (89%) and North America (84%) report the highest confidence in AI readiness, while Europe sits at 38.3%.
HCLTech positions its own consultancy capabilities as the corrective. The firm employs more than 223,000 people across 60 countries and reported revenues of $14.8 billion for the 12 months to June 2026.
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