TLDR: A new report reveals that two-thirds of financial firms are engaging external suppliers for the development of AI agents, indicating a strong reliance on specialized expertise and cloud platforms to drive AI innovation. Only a third are developing proprietary solutions in-house, despite the significant economic potential of AI agents, estimated to reach $450 billion by 2028.
The financial services industry is increasingly turning to external suppliers for the development of artificial intelligence (AI) agents, with a recent report indicating that two-thirds of banks and insurance companies are leveraging outside expertise. This trend highlights a strategic shift towards collaborative innovation in the rapidly evolving AI landscape.
According to the Capgemini Research Institute’s ‘World cloud report in financial services 2026,’ which surveyed over 1,000 respondents, a substantial 66% of financial firms are partnering with external providers for AI expertise and cloud-based platforms. This contrasts with only 33% of firms actively developing proprietary AI agents in-house. The report further details that nearly half (49%) are adopting a hybrid approach, combining internal development with supplier offerings, while a smaller segment (15%) opts to purchase off-the-shelf AI agents.
This reliance on external partners is driven by the complex and specialized nature of AI agent development. Ravi Khokhar, global head of cloud for financial services at Capgemini, commented on the findings, stating, “Our data reveals widespread industry optimism that the agentic era will open doors to new markets, signalling a new phase of transformation is upon us. To realise this potential, financial institutions must take a long-term view as humans work alongside agents. This means separating substance from hype.”
Examples of this collaborative approach are already evident across the sector. Health insurance provider Vitality has expanded its partnership with Google, launching an AI platform aimed at empowering millions to make informed health and lifestyle decisions. Similarly, Japan’s largest bank, Mitsubishi UFJ Financial Group (MUFG), is pursuing an ‘AI-native’ transformation, forging key partnerships with OpenAI and Sakana AI to integrate agentic AI into its operations and data management.
Despite the significant potential, the widespread adoption of AI agents is still in its nascent stages. The Capgemini Research Institute estimates that AI agents could generate up to $450 billion in economic value by 2028. However, only 10% of banks and insurers currently deploy AI agents at scale. The report notes that 80% of financial services firms are in the ‘idea’ or ‘pilot’ phase of deployment, indicating a substantial opportunity for growth and further integration.
AI agents are being deployed across various critical functions within financial institutions. In banking, 75% of firms utilize cloud-native AI agents for customer services, 64% for fraud detection, 64% for loan processing, and 59% for customer onboarding. The insurance sector shows similar trends, with 70% using AI agents for customer service, 68% for underwriting, 65% for claims processing, and 58% for customer onboarding.
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Jörgen Olofsson, chief information officer at Euroclear Sweden, underscored the benefits, remarking, “AI agents provide financial institutions with significant opportunities to automate repetitive tasks, improve customer and business support functions, and boost operational scalability.” This widespread adoption of external expertise underscores the industry’s commitment to harnessing AI’s transformative power while navigating its complexities.
