GenAI in banking to up productivity by 46%: EY

Representative photo

MUMBAI: India’s financial sector is embracing generative AI at pace, with banks, insurers, and non-bank lenders deploying it to cut costs and

improve efficiency

. An EY report suggests

productivity gains

in

banking

operations could reach 46% by 2030. The report found that 74% of financial firms have initiated proof-of-concept trials, 42% have allocated budgets, and 11% have reached production-level deployment.