GenAI-backed financial services becoming popular among Indian users: report
Generative artificial intelligence (Gen AI)-powered financial services are gaining traction among Indian consumers, with 91% being open to using a GenAI-powered financial application if one becomes available in the future, reveals a study by FIS.
The study, titled ‘Trust in Generative AI’ notes that preference for new technology (60%) and the desire to save time (56%) are the primary motivators of consumers gravitating towards such applications.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Digital TransformationVisitIndian School of BusinessISB Product ManagementVisitNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitFIS’ research found that Indian consumers have a higher level of trust towards the technology in comparison with other major markets. Only 3% of respondents in India said they do not trust GenAI at all, a sharp contrast with 33% in Australia, and 30% in both the UK and the US. Further, 88% of respondents said they trust their bank to use GenAI in its operations, which is significantly higher than in the other countries surveyed.
“Global spending on AI-centric systems is expected to surpass $300 billion in 2026, with banking being one of the two industries that will see the largest AI investments. In India, we are seeing a trend in major banks harnessing the power of AI to develop responsive and intuitive user experiences,” said Harish Prasad, head of banking solutions, India, at FIS.
He added, “It is encouraging to see that GenAI technology is well received by Indian consumers, with a majority of consumers in the study expressing openness and trust in the adoption of GenAI in financial services.”
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