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A recent PwC India report reveals that 90% of Indian financial institutions are prioritizing AI and Generative AI (GenAI) as key drivers of innovation. The report highlights that data analytics, customer experience, and product distribution are the main focus areas for these institutions. With 31 financial entities participating in the survey, the findings underscore the growing importance of AI technologies in the financial services sector.
The report emphasizes that 84% of respondents are concentrating on enhancing customer experience and engagement, while over 50% are focusing on product distribution. Additionally, the need for robust risk management and regulatory compliance is evident, as 65% of participants view these as critical factors for innovation. The insights suggest that while the fintech landscape is evolving rapidly, companies must balance growth with the challenges of digital security and compliance.
• 90% of financial institutions prioritize AI and GenAI for innovation.
• 84% focus on enhancing customer experience and engagement.
In the context of the report, AI is identified as a primary technology enabler for innovation in financial institutions.
The report highlights GenAI as a significant area of focus for innovation among financial institutions.
The report indicates that 74% of respondents recognize its critical role in decision-making within the financial services sector.
The firm plays a crucial role in analyzing trends and innovations in the financial sector, as evidenced by its recent report on AI adoption.
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