Artificial Intelligence (AI) is now transforming the financial industry, said Ajay Kumar Choudhary, Non-Executive Chairman of NPCI, at the 6th Global FinTech Fest 2025. He stated that AI is changing how financial services are designed and delivered, driving efficiency and inclusion across the sector.
Choudhary said investments in AI across banking, insurance, and payments may reach $100 billion by 2027. Around 78% of financial organizations already use AI in some form, up from 55% in 2023. The industry, he noted, is preparing for how fast AI will reshape its future.
He explained that Generative AI and Agentic AI are leading this change. These technologies improve fraud detection, automate compliance, enhance trading accuracy, and elevate customer experience. They could raise global banking productivity by up to $340 billion each year.
Choudhary praised India’s progress in digital innovation through NPCI’s initiatives like UPI Lite, UPI 123Pay, and UPI for Her. He said these solutions expand financial access and support women entrepreneurs and rural users across the country.
