Generative AI for financial services and banking

Featured Thinking

Is Generative AI beginning to deliver on its promise in India? AIdea of India update

16 May 2024

The AIdea of India report update

Stay ahead in the GenAI race with the latest edition of 'AIdea of India.' See how enterprises in India are tapping Generative AI’s potential across various sectors.

Download the latest report

The Financial Services sector has undergone substantial digital transformation in the past two decades, enhancing convenience, efficiency, and security. Gen AI is now catalyzing a significant shift, with 78% of surveyed financial institutions implementing or planning Gen AI integration. Around 61% anticipate a profound impact on the value chain, enhancing efficiency and responsiveness. Globally, institutions foresee a 5 to 10 year timeline for full automation harnessing, strategically investing in areas with immediate benefits, such as customer service and cost reduction.

Download the latest report

This has become a top priority, as it directly impacts customer satisfaction, loyalty, and ultimately, the success of the institution itself. Currently, there is a growing need among Indian banks to utilize Gen AI-powered virtual agents to handle customer inquiries. Adding Gen AI to existing processes helps banks convert customer call to data, search knowledge repositories, integrate with pricing engine for quotations, generate prompt engineering, and provide real-time audio response to customers. This, in turn, improves user experience as it minimizes the wait time for the customer, reduces redundant and repetitive questions, and improves interaction with the bank.

Identifying a use case necessitates substantial effort in prioritization, cost-benefit analysis, and strategic considerations regarding technology and data architecture. Therefore, financial institutions worldwide are typically exploring only 7-10 crucial use cases on average. Our survey confirms this pattern, as 45% of participants have emphasized that identifying use cases and inadequate focus on Gen AI initiatives are among the primary obstacles when implementing Gen AI.

Discover more about the Generative AI in India -'The AIdea of India: Generative AI's potential to accelerate India's digital transformation'

Three steps to the future

Rethinking the enterprise agenda

Industries in transformation

The economic opportunity of India

A Gen AI policy agenda for India

Retail

Financial Services

Media and Entertainment

Healthcare and Life Sciences

Government and Public Sector

Technology Services

Connect with us

Pratik Shah EY India Partner and Financial Services Consulting Leader Outside of work, Pratik is passionate about powerlifting and enjoys exploring diverse cuisines. Mumbai, IND

Harshvardhan Bisht EY India Banking and Capital Markets Leader Partner with Financial Services Consulting and a subject matter expert in Digital transformation, customer experience enhancements, operational efficiency improvements and cost optimization Mumbai, IND

Fali Hodiwalla EY India Financial Services, Consulting, Partner Over 20 years of extensive Financial Services and Consulting experience. In-depth knowledge of the Indian business and economic environment. Enjoys working with clients in or from new geographies. Mumbai, IND

Hemal Shah Partner, Consulting Services, EY India Hemal is a seasoned finance, treasury and commodity advisory professional who derives satisfaction in playing value accretive roles for clients, family, friends, team, and society. Mumbai, IND

Generative AI for financial services and banking | EY India (2024)

Is Generative AI beginning to deliver on its promise in India? AIdea of India update

Connect with us

Related content