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- GenAI is revolutionizing financial services across customer engagement, operations and risk assessments
- Indian firms are adopting GenAI majorly for voice bots, email automation, business intelligence, and workflow automation
- GenAI is expected to boost productivity 34% to 40% by 2030 in some segments), with significant improvements in key areas like customer service and operations
The financial services sector saw strong real-world adoption of GenAI and a business case-based implementation drive in 2024 compared to innovation projects in 2023. Large banks have been cautious in adoption of GenAI given their large size and compliance requirements compared to NBFCs and a few mid-sized banks. The strongest adoption has been among NBFC lenders and insurers. NBFCs have implemented GenAI-driven solutions that have started proving business value. Leading companies are publicly stating their concrete and numerical benefits in media as well as investor and analyst presentations, especially during the last few months of 2024.
GenAI impact on productivity across banking and insurance value chain
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