Over 84% of Indians expect AI to boost financial transactions: Report
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Bengaluru: Over 84 percent of Indian consumers believe artificial intelligence (AI) will accelerate financial transactions, according to a report released on Wednesday.
The study by Salesforce, a global leader in customer relationship management (CRM), highlighted that transparency, user control, and built-in protections are the key factors that would strengthen Indian consumers’ trust in AI-powered financial services.
The report explored how AI-driven agents are creating new opportunities for competitive differentiation in the financial sector. It found that 74 percent of Indians, including 74 percent of Gen Z and 79 percent of millennials, anticipate AI playing a more significant role in financial services than in other industries. Consumers are particularly interested in AI applications that reduce costs, prevent fraud, and deliver personalized offers.
While AI adoption in financial services is on the rise, trust remains a crucial factor. The report revealed that 87 percent of Indian consumers at least somewhat trust AI-driven financial agents, but only 29 percent fully embrace them.
India’s financial services industry is undergoing a transformation, with AI-driven innovations reshaping consumer interactions with financial institutions. Arun Parameswaran, EVP and MD of Salesforce (South Asia), emphasized that AI-powered solutions like Agentforce have the potential to provide on-demand, personalized financial recommendations, eliminating traditional barriers such as time constraints and accessibility.
However, he cautioned that to fully unlock AI’s potential, financial institutions must embed trust, transparency, and stringent regulatory compliance into their AI strategies from the beginning, rather than treating them as afterthoughts.
The report also found that quality service can be more influential than pricing. Around 67 percent of Indian consumers would remain loyal to a financial provider offering exceptional service, even if fees increased. This sentiment is even stronger among high-income earners, with 70 percent prioritizing superior service over cost considerations.
With IANS inputs