The Impact of AI on Financial Inclusion with Financial Literacy as a Moderating Variable
Department of Commerce, MRIIRS, India
Abstract
This research paper studies the impact AI have over financial inclusion with financial literacy as a moderating variable. AI technologies has become a transformative tool in today’s world which includes machine learning, robo-advisors and NLP. It has boosted the effect of financial inclusion on consumers. On the contrary, financial inclusion has become the buzzword as it has made the financial products and services available and affordable for the masses. But the accessibility and affordability effects of AI-based solutions on financial services are driven by the users’ financial literacy. This study explores the role of AI in financial inclusion and financial literacy, relying on existing literature along with primary research through interviews.The finding suggests that although AI has impacted financial inclusion a lot but with the help of financial literacy the changes are more significant. The research paper provides valuable insights for the financial institutions, policymakers, and government to promote AI and financial literacy to enhance their impact on financial inclusion.
Highlights
Introduction: Financial inclusion means accessibility and affordability of financial products and services for the masses but still critical challenges remains in t...
Background: AI and Financial InclusionFinancial inclusion is a core objective of economic development and, more broadly, seeks to provide the historically exclude...
Methodology: This research study adopts a qualitative research approach to explore the impact of AI on financial inclusion with financial literacy as a moderating ...
Results: The data will be analyzed using thematic analysis to explore the relationship between financial inclusion and the use of AI-driven financial services ...
Discussion: AI's Impact on Financial InclusionThe data collected from the interviews showed significant relationship between artificial intelligence and financial...
Conclusion: The findings of this study underscore the need of financial literacy in maximizing the benefits of AI in financial inclusion. AI can provide greater a...
Future Gaps and implications of study: Future researches could adopt primary approach to correlate the relationship among these three variables or adopt the use of longitudinal data to stud...