Implementation of Financial Inclusion in Development of Financial Services Using Artificial Intelligence and Big Data-Analytics

Policymakers around the world have given financial inclusion more consideration since it is seen as a solid foundation for human progress. Countries' traditional financial systems are insufficiently able to appeal to all facets of society. The legacy system has a number of obstacles that prevent affluent people from participating in the financial industry. Our study uses big data analytics and artificial intelligence to examine how financial inclusion is implemented in economies that are developing. The advantages and problems of big data and artificial intelligence (AI) for financial inclusion are covered in this study. Enhancing efficiency and risk management for financial service providers, offering intelligent financial products and services to banked adults, streamlining the account opening process for unbanked adults, and generating credit scores for unbanked adults using alternative data are some advantages of artificial intelligence and big data for financial inclusion. The lack of qualified AI workers, rising unemployment in the financial sector, unconscious bias in AI system design, and other obstacles brought on by stringent data privacy regulations are some of the problems related to AI and big data for financial inclusion that require attention.