How AI & ML can help in realising India’s dream of inclusive financial growth
The fusion of Artificial Intelligence (AI) and Machine Learning (ML) is ushering in a new era where this dream can transform into reality. These cutting-edge technologies are proving to be instrumental in reshaping the financial landscape, creating affordable and convenient solutions for every section of society.
AI and ML are enabling financial service providers to leverage data and analytics, creating affordable and convenient financial solutions for the underrepresented section of the society. Even individuals in remote and vulnerable areas may now gain access to essential financial resources.
These technologies are revolutionising the design and delivery of financial products by aggregating and tailoring them to the unique needs and preferences of low-income households, empowering families and businesses in this segment to firm up their financial resilience and well-being. AI and ML have been playing an extremely important role in achieving this goal with better responses compared to humans.
They are being used to identify and target the underserved segments, provide personalised financial products and services, automate processes and minimise frauds. Here is how AI & ML can help realise India’s dream of inclusive financial growth.Customized Credit Assessment: One of the primary challenges to financial inclusion is the lack of credit history, particularly among the underprivileged.
AI and ML algorithms have the ability to analyze alternative data sources, such as mobile usage patterns and transaction histories, to assess creditworthiness accurately. This innovation enables lenders to offer loans to individuals who were previously considered ineligible, thus promoting financial inclusion.Digital Banking and
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