Journal Press India^®

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AI has now become a transformative force reshaping daily operations and customer experiences in the FS sector globally. This research paper delves into the rapidly evolving landscape of artificial intelligence (AI) adoption within the Indian financial services (FS) industry. This study, conducted through an amalgamation of primary and secondary research methodologies, provides a comprehensive overview of the current AI landscape in Indian financial institutions. Primary data allowed us to assess the dynamics of the Indian financial services (FS) industry, encompassing banking, insurance, non-banking financial companies (NBFCs), payments, and asset and wealth management. This comprehensive analysis focused on various aspects, including the adoption and implementation of AI, the industry’s expectations, challenges, and concerns related to AI. Secondary research involved a thorough analysis of academic journals, industry reports and leading business publications. Research study resulted in the creation of AI use cases which were subsequently utilized to create a roadmap for AI strategy, adoption, and implementation, scale up and subsequent innovation.

Keywords

Artificial Intelligence, Financial services, Indian Financial Institutions

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