· An overwhelming majority (91%) of consumers surveyed in India said they are open to using a GenAI-powered financial application.
· Compared with other countries in FIS’ research, Indian respondents are far ahead in terms of familiarity, usage and trust in GenAI.
· 88% of respondents also trust their bank to use GenAI, significantly higher the other countries in the study.
A new study by FIS® (NYSE: FIS), a global leader in financial services technology, reveals strong interest in generative artificial intelligence (Gen AI)-powered financial service amongst Indian consumers. The findings indicate that 91% of surveyed Indian consumers are open to using a GenAI-powered financial application if one became available in the future, citing their preference for new technology (60%) and the desire to save time (56%) as their primary motivators.
GenAI is a form of artificial intelligence designed to create new content (e.g. text, images, code) based on provided input or prompts. It has captured the world’s attention over the past 18 months with widely perceived potential to transform how we live and work.
FIS' Trust in Generative AI research focuses on consumer trust and understanding of GenAI, as well as their attitudes towards GenAI in financial services. The research was conducted with consumers in the following cities: Mumbai, Delhi, Bangalore, Kolkata, Ahmedabad, Hyderabad, Chennai, and Pune. It found that Indian consumers have a higher level of trust towards the technology in comparison to other major markets. Only 3% of respondents in India said they do not trust GenAI at all—contrasting sharply with 33% in Australia, and 30% in both UK and U.S. Additionally, 88% of respondents said they trust their bank to use GenAI in its operations, which is significantly higher compared to 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.[1] 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.
Additional Findings and Insights
· There is widespread awareness of GenAI in India, with 88% of respondents indicating they are familiar with the technology. 79% also said they have experience using GenAI.
Gen Zs are driving GenAI adoption in India. 90% of Gen Zs said they have experience using GenAI-based tools, while over half (56%) 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%), followed by not having a need for it (39%).
· Trust in GenAI is poised to grow further, with a much larger percentage of respondents expecting to be more (80%) as opposed to less (6%) comfortable with GenAI in the next 5 years.
· 38% of respondents said they are more likely to stick with their bank if they knew their banks use GenAI in its operations, signaling strong trust and appetite for GenAI in financial services.
· In contrast, only 7% in U.S. and 4% in Australia and UK indicated the same.
About the Research
FIS’ Trust in Generative AI research was conducted by Savanta in October 2023. It focused on consumers’ understanding of GenAI and their attitudes towards it, as well as its role in personal finance and banking.
The India data is based on a sample of 2,000 consumers across Gen Z (18-27), Millennials (28-42), Gen X (43-58) and Boomers (59+).
The research was conducted with consumers in the following cities: Mumbai, Delhi, Bangalore, Kolkata, Ahmedabad, Hyderabad, Chennai, and Pune.
About FIS
FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world’s economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, system performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index. To learn more, visit www.FISglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISglobal).
No comments:
Post a Comment