ROLE OF ARTIFICIAL INTELLIGENCE IN FINANCIAL INCLUSION IN DEVELOPING COUNTRIES

<p>Science and Technology, innovations and inventions have always widened the human edge may <br>this be in any field and financial sector is not an exception. In the current scenario the Artificial <br>intelligence (AI) and Machine learning (ML) undoubtedly turned as an integral part and <br>indispensible from many of those fields, thus catalyzing in the process of development and are <br>bringing political, economic and social transformation in emerging economies. This study <br>explores role of AI in achieving the financial inclusion across selected developing economies. <br>Financial Inclusion is vital for economic development particularly in developing markets, where <br>traditional barriers like limited access to banking infrastructure and inadequate credit <br>assessments exists. AI- based solutions using data analytics, machine learning and automation <br>will be a game- changer, enabling innovative fintech solutions in addressing these challenges that <br>can extend banking services to marginalized populations. Using the World bank's Global Findex <br>data, this paper examines key indicators such as account ownership, digital payment usage and <br>access to credit across emerging countries like India, Kenya, Brazil and China. The analysis <br>makes obvious how AI-enabled fintech applications have harnessed a significant progress in <br>these regions, with certain case studies of AI applications by leading banks and fintech firms. <br>While AI has considerably increased financial access, challenges persist in areas such as digital <br>literacy, regulatory frameworks and privacy concerns. This paper underscores the potential of AI <br>to further financial inclusion while addressing enduring challenges in these developing <br>economies. </p>