AI adoption in Indian financial services

Overview

The Indian financial sector is undergoing a technological shift toward the adoption of agentic AI to enhance operational efficiency and service capabilities.

Initially, fintech companies such as Paytm, Pine Labs, Cashfree Payments, Juspay, and Razorpay began deploying AI interfaces to automate merchant tasks, including managing abandoned carts and processing refunds. Pine Labs reported that approximately 90 per cent of its new code is now written using AI, while Paytm executives noted that the technology is expected to improve efficiency in customer service and call centers.

This trend has extended to major banking institutions. State Bank of India (SBI) announced plans to move from predictive tools toward autonomous execution through agentic AI, focusing on hyper-personalization, employee productivity, and proactive risk management. Similarly, Axis Bank indicated that AI investments may allow the lender to scale business operations without increasing headcount, focusing on productivity and the emergence of new roles as staff adapt to these platforms.

Entities

Pine Labs · Amitabh Chaudhry · State Bank of India · Reserve Bank of India · India

Timeline

1 day ago

[BUSINESS] 2 sources
Indian banks adopt AI to drive growth and efficiency
Indian banks SBI and Axis Bank are adopting artificial intelligence to enhance customer engagement, manage risks, and drive business growth while potentially stabilizing employee headcounts.
9 days ago

[BUSINESS] 4 sources
Indian fintechs adopt agentic AI as digital payments grow
Indian fintechs are adopting agentic AI to automate merchant services and boost margins, amid a broader five-year growth trend in the nation's digital and card payment sectors.

Sources

asianbankingandfinance.net · asianbusinessreview.com · businessnewsthisweek.com · europesays.com · newsable.asianetnews.com · timesnownews.com