Topic – AI the transformative approach for Financial Inclusion through Digital Banking

To achieve financial growth and sustainable development of urban poor families and their empowerment, proper environmental conditions for financial institutions to provide quality services have already been encouraged with the use of AI and digital banking to the poor families. As the traditional banking system is unable to reach all people, however new and advanced banking technology which currently based on artificial intelligence has enabled financial inclusion through branchless banking with several types of new services for financial inclusion. By using AI in banking services i.e., digital banking we have an efficient solution to provide access to services to the financially excluded people of India. Formal financial services to the underbanked population are improving accessibility and affordability through Artificial intelligence where these services cannot be provided easily either due to demand side constraints or supply side constraints of financial inclusion. Aim of this white paper is to examine the use of Artificial Intelligence to achieve the goal of financial inclusion in India. White paper offers an overview of real-time instances of AI technologies that can be used in developing countries like India to remove obstacles to financial inclusion in various states for urban poor families. The study also used modest techniques of research to offer theoretical insights into the function of AI in fostering financial inclusion. 

For a developing nation, the financial inclusion is seen as a crucial indication of people’s wellbeing. As the inclusion of privileged or deprived individuals of the formal financial services in the financial system, as well as the supply of loans and providing other financial services at reasonable rates. For a growing nation, financial inclusion of poor urban families is quite crucial. It contributes to the achievement of more than half of the Sustainable Development Goals (SDG).