90 percent of financial institutions in India are focusing on artificial intelligence (AI) and generative AI ( GenAI ) for innovation. This information has been given in a report by PwC India. According to this report titled 'Mapping the Fintech Innovation Landscape in India', data analytics has also emerged prominently in about 74 percent of the responses. This shows that it has a special role in insights and decision-making in the financial services (FS) sector.

31 financial institutions participated in the survey

It said that 31 financial institutions, including banks, insurance companies and fintech companies, participated in the survey. According to the report, “AI and GenAI have emerged as focus areas for innovation for Indian financial institutions. 90 per cent of them have named them as primary technologies for innovation.”

The survey revealed interesting results

According to the survey, 84 per cent said that customer experience and engagement – ​​acquisition, onboarding and servicing – was the key area for innovation initiatives. In addition, more than 50 per cent of the participants highlighted product distribution as a key area for innovation.

It is also notable that risk management, operations and regulatory compliance were repeatedly mentioned in many responses, reflecting the sector's readiness to maintain strong governance frameworks amid ongoing technological advancements, the report says.

Mihir Gandhi, Partner and Payments Transformation Leader, PwC India, said as the fintech industry continues to evolve, it is clear that growth must be balanced with the bigger challenges of digital security and regulatory compliance.