Indian Consumers Eager To Embrace GenAI In Finance: Study

Indian consumers are leading the global charge in embracing generative artificial intelligence (GenAI) for financial services, according to a recent study by FIS, a prominent player in financial services technology. The study, conducted in major cities across India, found that an impressive 91 per cent of surveyed consumers expressed openness to utilising a GenAI-powered financial application in the future.

The survey, carried out by Savanta in October 2023, sheds light on the increasing interest in GenAI-driven financial services among Indians. The respondents cited a preference for new technology (60 per cent) and a desire to save time (56 per cent) as their primary motivations for embracing GenAI-powered financial applications.

GenAI, a form of artificial intelligence designed to generate new content based on input or prompts, has gained significant attention worldwide over the past 18 months, with potential applications across various industries.

The Trust in Generative AI research by FIS focused on consumer perceptions and attitudes toward GenAI in financial services. The study encompassed cities such as Mumbai, Delhi, Bangalore, Kolkata, Ahmedabad, Hyderabad, Chennai, and Pune. Indian consumers demonstrated a higher level of trust in GenAI compared to their counterparts in other major markets.

In India, only 3 per cent of respondents expressed no trust in GenAI at all, a stark contrast to 33 per cent in Australia and 30 per cent in both the UK and the US. Notably, 88 per cent of Indian respondents expressed trust in their banks utilising GenAI in their operations, a significantly higher figure than in other countries surveyed.

Harish Prasad, Head of Banking Solutions, India at FIS, commented on the findings, stating, “In India’s dynamic tech ecosystem, AI stands not merely as a buzzword but emerges as a strategic imperative, reshaping the financial services landscape. It is encouraging to see that GenAI technology is well received by Indian consumers, with a majority expressing openness and trust in its adoption in financial services.”

The study also highlighted additional insights, including widespread awareness of GenAI in India (88 per cent familiarity), with 79 per cent of respondents having experience using GenAI. Gen Z emerged as a driving force behind GenAI adoption in India, with 90 per cent having experience using GenAI-based tools.

The research revealed that 80 per cent of respondents expect to become more comfortable with GenAI over the next five years, signalling a growing trust in the technology. Moreover, 38 per cent expressed a likelihood to stick with their banks if they knew GenAI was employed in their operations, indicating a strong trust and appetite for GenAI in financial services.

In contrast, only 7 per cent in the U.S. and 4 per cent in Australia and the UK indicated a similar inclination to remain loyal to their banks if they used GenAI.

Prasad concluded, “As industry leaders, it is imperative that we remain steadfast in our commitment to using GenAI responsibly. By doing so, we can contribute to building trust in AI’s role to empower individuals and institutions alike.”

The research, based on a sample of 2,000 consumers across different age groups, underscores the growing enthusiasm and trust of Indian consumers in embracing GenAI for a revolutionised financial landscape.