· An overwhelming majority (91%) of consumers surveyed in India said they are open to using a GenAI-powered financial application.
· Compared with other countries in FIS’ research, Indian respondents are far ahead in terms of familiarity, usage and trust in GenAI.
· 88% of respondents also trust their bank to use GenAI, significantly higher the other countries in the study.
New Delhi. A new study by NYSE FIS, a global leader in financial services technology, reveals strong interest in generative artificial intelligence (Gen AI)-powered financial service amongst Indian consumers. The findings indicate that 91% of surveyed Indian consumers are open to using a GenAI-powered financial application if one became available in the future, citing their preference for new technology (60%) and the desire to save time (56%) as their primary motivators.
GenAI is a form of artificial intelligence designed to create new content (e.g. text, images, code) based on provided input or prompts. It has captured the world’s attention over the past 18 months with widely perceived potential to transform how we live and work.
FIS' Trust in Generative AI research focuses on consumer trust and understanding of GenAI, as well as their attitudes towards GenAI in financial services. The research was conducted with consumers in the following cities: Mumbai, Delhi, Bangalore, Kolkata, Ahmedabad, Hyderabad, Chennai, and Pune. It found that Indian consumers have a higher level of trust towards the technology in comparison to other major markets. Only 3% of respondents in India said they do not trust GenAI at all—contrasting sharply with 33% in Australia, and 30% in both UK and U.S. Additionally, 88% of respondents said they trust their bank to use GenAI in its operations, which is significantly higher compared to other countries surveyed.
“In India's dynamic tech ecosystem, AI stands not merely as a buzzword but emerges as a strategic imperative, reshaping the financial services landscape. 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.
“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. It is imperative that, as industry leaders, we remain steadfast in our commitment to use GenAI responsibly. By doing so, we can contribute to build trust in AI's role to empower individuals and institutions alike," added Prasad.
kim.snider@fisglobal.com, swati.gorai@adfactorspr.com
0 Comments