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.<\/p>\n
The study, titled \u2018Trust in Generative AI\u2019 notes that preference for new technology (60%) and the desire to save time (56%) are the primary motivators of consumers gravitating towards such applications.<\/p>\n
FIS\u2019 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.<\/p>\n
\u201cGlobal 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,\u201d said Harish Prasad, head of banking solutions, India, at FIS.<\/p>\n
He added, \u201cIt 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.\u201d<\/p>\n
Key insights from the research:<\/p>\n
There is widespread awareness of GenAI in India, with 88% of respondents saying they are familiar with the technology, and 79% having experience of using GenAI.<\/p>\n
GenZ is driving GenAI adoption in India\u201490% said they have experience using GenAI-based tools, while over half (56%) of boomers indicated the same.<\/p>\n
For those who have yet to use GenAI-based tools, the main reason cited was not knowing how to use them (47%), followed by not needing them (39%).<\/p>\n
Trust in GenAI is expected to be more (80%) as opposed to less (6%) in the next five years.<\/p>\n
38% of respondents said they are more likely to stick with their bank if they know it uses GenAI for operations. In contrast, only 7% in the US and 4% in Australia and the UK indicated the same.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 \u2018Trust in Generative AI\u2019 notes that preference for new technology (60%) and the desire to save time (56%) are the primary motivators of consumers gravitating towards such applications. FIS\u2019 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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-800732","post","type-post","status-publish","format-standard","hentry","category-it-2"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/800732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=800732"}],"version-history":[{"count":0,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/800732\/revisions"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=800732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=800732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=800732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}