Generative Artificial Intelligence (GenAI) is set to transform India’s financial services sector, enhancing productivity by 34% to 38% by 2030. Specifically, banking operations could see improvements of up to 46%, according to a recent EY report
Titled “How Much Productivity Can GenAI Unlock in India? The AIdea of India: 2025,” the report highlights how GenAI is reshaping financial services through better customer engagement, improved operational efficiency, and enhanced risk assessment.
The study surveyed 125+ C-suite executives across industries like finance, retail, healthcare, technology, and energy. It found that:
– 74% of financial firms have initiated proof-of-concept projects.
– 11% have moved to production-level deployments.
– Customer service is the top priority, with 68% of firms focusing on it.
– Other areas of implementation include operations (47%), underwriting (32%), sales (26%), and IT (21%).
With customer service as a key focus, GenAI-driven chatbots and virtual assistants are set to enhance user experiences. Additionally, AI-powered automation can streamline operations, detect fraud, and refine credit underwriting processes.
As adoption grows, GenAI is expected to reshape the banking industry, making it more efficient, customer-centric, and technologically advanced. The rapid shift towards AI-driven solutions underscores the need for financial institutions to invest in innovation and adapt to this transformative era.
By 2030, GenAI will likely become an indispensable tool, redefining the future of banking in India.
