91% of Indian consumers open to use GenAI-powered financial apps: Report

Estimated read time 2 min read

New findings have revealed strong interest in generative artificial intelligence (Gen AI)-powered financial service amongst Indian consumers, with 91 per cent of consumers saying they are open to using a GenAI-powered financial application if one became available in the future, citing their preference for new technology (60 per cent) and the desire to save time (56 per cent) as their primary motivators, according to a report released on Tuesday.

Technology solutions provider FIS’ Trust in Generative AI research found that Indian consumers have a higher level of trust towards the technology in comparison to other major markets.

Only 3 per cent said they do not trust GenAI at all — contrasting sharply with 33 per cent in Australia, and 30 per cent in both the UK and the US.

Additionally, 88 per cent of Indian consumers said they trust their bank to use GenAI in its operations, which is significantly higher compared to 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.

Moreover, the report mentioned about 90 per cent of Gen Zs said they have experience using GenAI-based tools, while over half (56 per cent) of Boomers indicated the same.

For those who have not used generally available GenAI-based tools, the main reason cited was not knowing how to use it (47 per cent), followed by not having a need for it (39 per cent).

Nearly 38 per cent said they are more likely to stick with their bank if they knew their banks use GenAI in their operations, signalling strong trust and appetite for GenAI in financial services. In contrast, only 7 per cent in the US and 4 per cent in Australia and the UK indicated the same.

The research was conducted with consumers in the following cities: Mumbai, Delhi, Bengaluru, Kolkata, Ahmedabad, Hyderabad, Chennai, and Pune.

You May Also Like

More From Author

+ There are no comments

Add yours