1 Department of Applied Business Analytics, Faculty of Economics, University of West Georgia, USA.
2 Department of Project Management, Faculty of Professional Studies, Georgetown University, USA
3 Martin Tuchman School of Management, New Jersey Institute of Technology, USA.
4 Department of Engineering Management, Enugu State University, Enugu, Nigeria.
Review Article
World Journal of Advanced Research and Reviews, 2024, 23(02), 2184–2192
Received on 08 July 2024; revised on 19 August 2024; accepted on 21 August 2024
Financial inclusion, the strategy for assuring availability of accessible, affordable and reliable financial services, is critical for reducing poverty and fostering economic development globally. Despite progress, billions of people worldwide remain excluded from formal financial systems. Artificial Intelligence (AI) presents a transformative opportunity to bridge these exclusion gaps by offering innovative solutions that enhance the availability, affordability and the usability of financial services.
Based on the existing research and literature review, the study examines the potential advantages, challenges, and ethical considerations associated with AI-driven financial services. This research also offers an overview of AI applications in financial services, exploring how advanced data driven methodologies such as machine learning, natural language processing, and predictive analytics are transforming the field of financial inclusion. The findings underscore AI's role in broadening access to financial services, improving financial literacy, and fostering inclusive economic growth.
This research contributes to both theoretical understanding and practical applications, offering insights for policymakers, financial institutions, and fintech innovators to understand and advance inclusive financial systems globally.
Financial inclusion; Underbanked; Underserved; Artificial Intelligence; Financial services; Minority groups; Socio-economic impact; Regulatory frameworks; Ethical considerations; Sustainable development.
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Angela Olere Omogbeme, Ada Ivy Phil-Ugochukwu, Ikechukwu Josephat Nwabufo and Jude Onyebuchi Nwabufo. The role of artificial intelligence in enhancing financial inclusion: A review of its impact on financial services for the unbanked population in the United States. World Journal of Advanced Research and Reviews, 2024, 23(2), 2184-2192. Article DOI: https://doi.org/10.30574/wjarr.2024.23.2.2489