Indian Financial Institutions Embrace AI for FinTech Innovations

A PwC India report reveals that 90% of Indian financial institutions are leveraging artificial intelligence and generative AI as key enablers of innovation. Data analytics, customer experience, and risk management also play critical roles. The fintech sector faces challenges from regulatory landscapes and resource constraints but prioritizes internal and collaborative innovation.

According to a PwC India report, 90% of Indian financial institutions are focusing on artificial intelligence (AI) and Generative Artificial Intelligence (GenAI) as primary technology enablers of innovation.

The report, 'Mapping the FinTech Innovation Landscape in India,' highlights that data analytics is also crucial, with 74% of responses emphasizing its role in decision-making within financial services.

It notes that 31 financial institutions, including banks, insurance firms, and fintech companies, participated in the survey. AI and GenAI emerged as critical areas for innovation, cited by 90% of respondents.

(With inputs from agencies.)