The Microfinance Review

Open Access Open Access  Restricted Access Subscription Access
Open Access Open Access Open Access  Restricted Access Restricted Access Subscription Access

Prospects of Achieving Faster Financial Inclusion Through Artificial Intelligence


Affiliations
1 Odisha State Association of Financial Inclusion Institutions (OSAFII), Bhubaneswar, India
     

   Subscribe/Renew Journal


The access to financial services can be restricted by various regulatory requirements that cannot be fulfilled. In more established markets, services may be widely available but access is hampered by complicated terms, limited transparency and poor usability. Technology today offers a range of solutions to problems related with financial inclusion. The innovations outlined in this paper aims to use select examples to demonstrate how greater financial inclusion can be achieved by building innovative business models and applying appropriate technology through artificial intelligence to deliver different types of financial services to individual customers and small businesses. As we discuss different types of efforts to expand financial services, we broadly define financial inclusion as costeffective means of managing their financial lives effectively.

Keywords

Regulation, Transparency, Artificial intelligence.
User
Subscription Login to verify subscription
Notifications
Font Size

  • Chakraborty, U (2016): “Artificial Intelligence, the Biggest Disruptionin the Banking and Financial Services”, YES Bank Publication, September.

  • Haksar, V and Kashima M (2017): Fintech and Financial Services: Initial Considerations, IMF Staff Discussion Notes No. 17/05, International Monetary Fund.

  • Kelly, S, Dennis F and Allyse M (2017): How Financial Institutions and Fintechs Are Partnering for Inclusion: Lessons from the Frontlines, Report Series of Mainstreaming Financial Inclusion: Best Practices, Accion Centre for Financial Inclusion.

  • Khare, R (2017): “Role of Artificial Intelligence in Banking”, HDFC Bank Paper Published in The Banking & Financial Post, Elets Technomedia Pvt Ltd, UP.

  • Meka, S and Grasser M (2018): “Artificial Intelligence: Practical Superpowers - The Case for AI in Financial Services in Africa”, Master Card Foundation, Canada.

  • Nogales, X E (2018): “Fintech for the Financially Excluded”, Stanford Social Innovation Review, Stanford University.

  • Parakh, M (2018): “The Effect of Artificial Intelligence on the Financial Industry”, AIZone Entrepreneurship.

  • Ray, T (2017): “Scope of Machine Learning and Artificial Intelligence in Banking and Financial Services”, Stoodnt, California.

  • Schindler, J (2017): “Artificial Intelligence and Machine Learning in Financial Services”, Financial Stability Board (FSB), Switzerland.

  • Stove, R H (2016):“Can Artificial Intelligence Bring Productivity and Economic Health Back to Financial Services”, Infosys Insights, Vol. 4, Infosys Limited, Bengaluru.


Abstract Views: 174

PDF Views: 0




  • Prospects of Achieving Faster Financial Inclusion Through Artificial Intelligence

Abstract Views: 174  |  PDF Views: 0

Authors

Bijay Kumar Swain
Odisha State Association of Financial Inclusion Institutions (OSAFII), Bhubaneswar, India

Abstract


The access to financial services can be restricted by various regulatory requirements that cannot be fulfilled. In more established markets, services may be widely available but access is hampered by complicated terms, limited transparency and poor usability. Technology today offers a range of solutions to problems related with financial inclusion. The innovations outlined in this paper aims to use select examples to demonstrate how greater financial inclusion can be achieved by building innovative business models and applying appropriate technology through artificial intelligence to deliver different types of financial services to individual customers and small businesses. As we discuss different types of efforts to expand financial services, we broadly define financial inclusion as costeffective means of managing their financial lives effectively.

Keywords


Regulation, Transparency, Artificial intelligence.

References