Mumbai's Financial Sector Embraces Generative AI

India's financial sector is rapidly adopting generative AI, with banks, insurers, and non-bank lenders leveraging this technology to reduce costs and enhance efficiency. According to an EY report, the productivity in banking operations could see a significant boost, reaching up to 46% by the year 2030.

The report highlights that 74% of financial firms have already started proof-of-concept trials, with 42% allocating budgets for generative AI projects. Furthermore, 11% of these firms have advanced to production-level deployment, showcasing the sector's commitment to integrating AI into their operations.

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