90% of financial institutions focusing on AI, GenAI for innovation: PwC India report
financial institutions are focusing on artificial intelligence (AI) and GenAI (Generative Artificial Intelligence) as the primary technology enablers of innovation, according to a PwC India report. As per the PwC India report titled, 'Mapping the FinTech innovation landscape in India' data analytics also continues to emerge prominently across nearly 74% responses, underscoring its integral role in driving insights and decision-making within the financial services (FS) sector.
It said that 31 financial institutions consisting of banks, insurance firms and fintechs participated in the survey.
«Artificial Intelligence (AI) and GenAI (Generative Artificial Intelligence) emerged as the focus area for innovation for Indian financial institutions, with 90% of the respondents citing them as the primary technology enablers of innovation,» it said.
Further, 84% of respondents stated that customer experience and engagement — acquisition, onboarding and servicing was the key area of focus for innovation initiatives.
Additionally, over 50% of the participants highlighted product distribution as a key area of innovation.
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