The use of artificial intelligence to promote the financial inclusion of rural and agricultural actors
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This study was intended as an exploration of the potential that different applications of artificial intelligence (AI) technology can have to promote the financial inclusion of marginalized rural and agricultural actors in developing countries. These low-income, vulnerable actors have been traditionally underserved by the formal financial sector on account of a wide range of constraints: low access to collateral, poor financial education, the absence of credit history, a lack of basic documentation, and many others. While the use of AI in financial systems is still in a nascent stage, we can already see various pilot applications of this technology that appear to hold considerable promise when it comes to addressing these constraints, and can thereby contribute to a more equitable, comprehensive, and efficient growth of financial inclusion in developing and emerging countries. Despite its relative newness, the exponential rise of AI solutions for the financial technology (Fintech) sector across the world is increasingly showing how the unbanked could be supported by these innovations in accessing and making more effective use of all types of financial services, such as credit, savings and insurance.