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