Banking on Artificial Intelligence to Bank the Unbanked

Abstract

Artificial Intelligence (AI) has been in the market since 1956 and it has emerged as an unavoidable and pioneering technology of the business world. AI applications are used in almost all business domains. AI applications are increasingly utilized in the banking and financial services sectors. AI applications bring the financially excluded people into formal financial services sector using their unique features such as speed, security, cost-effectiveness, and customization. This article focuses on role of AI applications in financial inclusion.