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Indian consumers are keenly interested in generative artificial intelligence (Gen AI)-powered financial services. The study conducted by FIS found that 91% of surveyed Indian consumers would be willing to use a GenAI-powered financial application if it became available. The primary motivators for this interest were new technology (60%) and the desire to save time (56%).
GenAI is a type of artificial intelligence designed to create new content, such as text, images, and code, based on input or prompts. It has garnered significant attention over the past 18 months due to its potential to transform our lives and work.
FIS' Trust in Generative AI research focuses on consumer trust and understanding of GenAI and their attitudes towards using it in financial services. The research was conducted in Mumbai, Delhi, Bangalore, Kolkata, Ahmedabad, Hyderabad, Chennai, and Pune. The study found that Indian consumers have a higher level of trust in the technology than in other major markets. Only 3% of respondents in India said they do not trust GenAI at all, which is significantly lower than 33% in Australia and 30% in the UK and the US. Additionally, 88% of respondents said they trust their bank to use GenAI in its operations, which is significantly higher than in other countries surveyed.
“In India's dynamic tech ecosystem, AI stands not merely as a buzzword but emerges as a strategic imperative, reshaping the financial services landscape. 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.
“It 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. It is imperative that, as industry leaders, we remain steadfast in our commitment to use GenAI responsibly. By doing so, we can contribute to build trust in AI's role to empower individuals and institutions alike," added Prasad.
According to the survey, 88% of people in India are familiar with GenAI technology, and 79% have used it before. The adoption of GenAI is mostly driven by Gen Zs in India, with 90% of them having experience using GenAI tools. On the other hand, 56% of Boomers have used GenAI-based tools.
For those who have not used GenAI-based tools, the main reasons cited were lack of knowledge about how to use it (47%) and not having a need for it (39%). However, the trust in GenAI is expected to grow in the next 5 years, with 80% of respondents expecting to be more comfortable with GenAI, and only 6% expecting to be less comfortable.
The survey also revealed that 38% of respondents are more likely to stick with their bank if they know that their bank uses GenAI in its operations. This indicates strong trust and appetite for GenAI in financial services. In contrast, only 7% of respondents in the US and 4% in Australia and the UK indicated the same.
Savanta's research on FIS' Trust in Generative AI was conducted in October 2023. The research studied the attitudes of 2,000 Indian consumers across four generations - Gen Z, Millennials, Gen X, and Boomers. It was conducted in eight cities - Mumbai, Delhi, Bangalore, Kolkata, Ahmedabad, Hyderabad, Chennai, and Pune.
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