The study, titled ‘Trust in Generative AI’ notes that preference for new technology (60%) and the desire to save time (56%) are the primary motivators of consumers gravitating towards such applications.
FIS’ research found that Indian consumers have a higher level of trust towards the technology in comparison with other major markets. Only 3% of respondents in India said they do not trust GenAI at all, a sharp contrast with 33% in Australia, and 30% in both the UK and the US. Further, 88% of respondents said they trust their bank to use GenAI in its operations, which is significantly higher than in the other countries surveyed.
“Global spending on AI-centric systems is expected to surpass $300 billion in 2026, with banking being one of the two industries that will see the largest AI investments. In India, we are seeing a trend in major banks harnessing the power of AI to develop responsive and intuitive user experiences,” said Harish Prasad, head of banking solutions, India, at FIS.
He added, “It is encouraging to see that GenAI technology is well received by Indian consumers, with a majority of consumers in the study expressing openness and trust in the adoption of GenAI in financial services.”
Key insights from the research:
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- There is widespread awareness of GenAI in India, with 88% of respondents saying they are familiar with the technology, and 79% having experience of using GenAI.
- GenZ is driving GenAI adoption in India—90% said they have experience using GenAI-based tools, while over half (56%) of boomers indicated the same.
- For those who have yet to use GenAI-based tools, the main reason cited was not knowing how to use them (47%), followed by not needing them (39%).
- Trust in GenAI is expected to be more (80%) as opposed to less (6%) in the next five years.
- 38% of respondents said they are more likely to stick with their bank if they know it uses GenAI for operations. In contrast, only 7% in the US and 4% in Australia and the UK indicated the same.
