Artificial Intelligence as a Strategic Option to Bridge the Financial Exclusion Gap in India
Abstract
This study aims to identify the most important ways artificial intelligence intervenes in narrowing the financial exclusion gap and to highlight the Indian experience in reducing financial exclusion by relying on an AI-based strategy to enhance financial inclusion. To achieve the study's objectives, we relied on the descriptive analytical approach. The study concluded that traditional practices, such as relying on physical assets and informal channels to meet individuals' financial needs constitute major obstacles to financial inclusion. These practices reflect a lack of financial awareness and a distrust of banking institutions. . Therefore, the use of artificial intelligence is an ideal solution to these problems, as it can accurately analyze individuals' data to assess their repayment capacity, helping banks make better loan decisions and provide smart financial advice, as well as develop financial services tailored to the needs of each community segment based on their financial behavior and data.
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