AI in Finance: Bridging the Inclusion Gap
The benefits of digital transformation have been acknowledged globally across almost all industries, and especially in financial inclusion, while acknowledging the fact that digital channels’ adoption has fallen back to pre-pandemic levels in many instances. The recent acceleration, availability, affordability, and accessibility of Artificial Intelligence (AI) tools have ushered in another digital revolution, not seen in decades, for almost all industries globally. AI can have an outsized impact on financial inclusion by helping financial service providers become more agile, efficient and grow to serve people better. The field is complex, and much of it is being hyped up. This paper sets out the key practical aspects and considerations of what AI is, why it is useful, how to begin, and which tools should be kept in mind while embarking on this journey. This paper does not cover the organizational change management that is always required to make all transformation projects successful.
