74% of Indian financial firms adopt GenAI: EY Report

India’s financial services sector witnessed significant real-world adoption of Generative AI (GenAI) in 2024, moving beyond innovation projects to business-driven implementation. A recent EY India survey found that 74% of financial firms have initiated GenAI proof-of-concept (PoC) projects, with 11% already running in production. Notably, Non-Banking Financial Companies (NBFCs) and insurers are leading the charge, leveraging GenAI to cut operational costs by up to 90% in areas like customer engagement, underwriting, and marketing automation.