Indian banks’ AI adoption stalls at pilot: survey

None are at a data environment that is fully ready to scale, Zeta found.

Majority or 70% of chief digital officers (CDO) of India-based banks confirmed piloting artificial intelligence (AI) use in their organisations, whilst only 30% have deployed it at scale, according to survey results by Zeta, a cloud-service provider.

In a survey of 40 executives across 18 banks and non-bank financial companies (NBFCs) in India, Zeta found that adoption is strongest in customer service, fraud and risk analytics, document processing and software testing.

In contrast, integration into end-to-end workflows and consequential decisions is at an early stage, Zeta found.

Most institutions surveyed direct less than 10% of new-project technology spend to AI.

Majority or 88% of chief operating officers (COO) polled for the survey identify retail lending as the area where AI is delivering “meaningful impact,” Zeta said.

Customer service followed, with 75% naming it, whilst 63% mentioned back-office operations.

Meanwhile, 80% describe their data environment as mostly ready for AI at scale, but none are “fully ready,” Zeta said.