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AI in Finance: Bridging the Inclusion Gap

June 5, 2024 | Washington DC

EMpact is helping build AI Labs within our partner organizations as a part of our effort to accelerate digital transformation of agricultural value chains and relevant financial services.

Today, EMpact published a new white paper that delves into the pivotal role of Artificial Intelligence (AI) in propelling financial inclusion. It underscores the criticality of leveraging AI to bolster the operational agility, efficiency, and outreach of Financial Service Providers (FSPs).

FSPs are already sitting on data collected during customer onboarding, typically gathered on an in-person basis. This is of high value compared to digital-first providers, who would rarely be able to gather this level of detail. The recommendation is for FSPs to build on their internal data and create partnerships with platforms, governments and others to offer personalized services by leveraging AI, thus enhancing service delivery.

The paper discusses the relevance of technologies such as machine learning, natural language processing, computer vision, and generative AI for particular use-cases and provides an implementation framework. It also discusses the strengths and applications of models like GPT-4, LLaMA, BERT, and T5, alongside platforms such as Google Cloud AI, Microsoft Azure AI, and AWS AI.

In summary, AI represents a transformative force for financial inclusion, capable of significantly enhancing service delivery and operational efficiency. The paper calls for a holistic approach to digital transformation, focusing on strategic planning, data integrity, and inclusive innovation to effectively harness the benefits of AI for financial inclusion.

AI in Finance: Bridging the Inclusion Gap


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