Over 80% of Indians Expect AI to Accelerate Financial Transactions, Report Finds
A new report reveals that over 84% of Indian consumers believe artificial intelligence (AI) will significantly speed up financial transactions. The report, released by Salesforce, highlights the growing trust in AI and its potential to revolutionize the financial services industry in India.
Bengaluru: A new report reveals that over 84% of Indian consumers believe artificial intelligence (AI) will significantly speed up financial transactions. The report, released by Salesforce, highlights the growing trust in AI and its potential to revolutionize the financial services industry in India.
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Indian Consumers Trust AI for Faster Financial Transactions
According to the Salesforce report, AI is expected to streamline financial processes, with consumers believing it can improve the speed and efficiency of transactions. Key factors that will drive trust in AI agents include transparency, user control, and built-in protections. The survey also highlighted that 74% of Indian consumers, including 74% of Gen Z and 79% of millennials, anticipate AI playing a larger role in the financial services industry compared to other sectors.
AI’s Role in Lowering Costs, Preventing Fraud, and Personalizing Offers
Indian consumers are particularly interested in AI’s ability to lower prices, prevent fraud, and provide personalized financial offers. As AI technologies continue to evolve, they are expected to offer new opportunities for competitive differentiation within the financial services industry, providing tailored financial advice and on-demand services to meet the diverse needs of consumers.
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Building Trust in AI for Financial Services
While 87% of Indian consumers trust AI in some capacity for financial services, only 29% are fully on board with its implementation. The report emphasizes that trust is crucial for the success of agentic AI systems in India. Financial institutions must focus on transparency, user control, and strict regulatory compliance to fully unlock the potential of AI-driven solutions, according to Arun Parameswaran, EVP and MD of Salesforce (South Asia).
Indian Consumers Value Service Over Fees
In terms of customer loyalty, the report found that 67% of Indian consumers would remain with a financial provider that offers excellent service, even if fees increase. This sentiment is especially strong among high earners, with 70% prioritizing service quality over cost. The ability to deliver differentiated services and a positive customer experience is becoming a key factor in consumer decision-making.
AI’s Potential to Reshape Financial Services in India
India’s financial services sector is at a pivotal moment, with AI-driven innovations reshaping how consumers interact with their financial institutions. The rise of agentic AI solutions, such as Salesforce’s Agentforce, is expected to provide personalized recommendations and remove traditional barriers like time constraints and limited accessibility, making financial services more accessible to all.
As AI becomes more integral to financial services, building consumer trust and implementing transparent, secure systems will be essential for unlocking its full potential in India’s rapidly evolving financial landscape.
