Banking for all: Can AI improve financial inclusion?
ITU – In a world where an estimated 1.7 billion people do not have a bank account, can artificial intelligence help make financial inclusion a reality for everyone?
This was the topic under discussion at a webinar during the year-round AI for Good Global Summit 2020.
Inclusive financial access directly helps enable seven of the 17 United Nations Sustainable Development Goals. It requires people and businesses in underserved areas to have affordable and easy access to secure financial services and products.
This means being able to build credit, receive funds, deposit money, buy insurance, invest in education and health and withstand economic shocks.
With the rise of mobile phone use and information and communication technologies (ICTs) penetration in developing countries, financial service providers are now turning to artificial intelligence to make financial inclusion happen.
‘Superpowers’ for digital services
Typically, to lend money, providers use documents to verify the identity of a person, evaluate their credit score and offer a collateral loan. But AI tries to fix this for people who cannot meet these requirements, said panelist Rory Macmillan, Founding Partner at Macmillan Keck, Attorneys & Solicitors. more>
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