The study, titled ‘How Much Productivity Can GenAI Unlock in India? The AIdea of India: 2025’, highlights how GenAI is transforming financial services by improving customer engagement, operational efficiency, and risk assessment. The survey gathered insights from 125 C-suite executives across multiple industries, including financial services, retail, healthcare, technology, and energy.
EY’s research found that 74% of financial firms have already launched proof-of-concept GenAI projects, while 11% have moved to production-level deployments. Additionally, 42% of organisations are actively allocating budgets for AI-driven initiatives, signaling rapid adoption across key areas such as voice bots, email automation, business intelligence, and workflow automation.
Customer service remains the top priority, with 68% of firms focusing on GenAI for enhanced customer interactions. Other key areas of implementation include operations (47%), underwriting (32%), sales (26%), and IT (21%).
The report also highlights tangible benefits from GenAI adoption. According to EY, 63% of firms reported higher customer satisfaction, while 58% of organisations saw cost reductions. AI-driven automation is significantly cutting operational costs, with some processes now costing as little as one-tenth of traditional manual methods.
“The financial services industry has moved beyond innovation pilots to real-world implementation in 2024-25,” said Pratik Shah, Partner and National Leader – Financial Services, EY India. “Firms are integrating GenAI with core banking systems, including CRM, loan origination, and card management platforms.”
With over 700 roles analysed in banking and insurance, EY predicts that GenAI adoption will accelerate, reshaping key aspects of financial services such as customer service, banking operations, and credit management. The technology is expected to drive significant growth and operational transformation in the sector.
