Artificial Intelligence, Fintech, and Financial Inclusion

Artificial Intelligence, Fintech, and Financial Inclusion
Author: Rajat Gera
Publisher: CRC Press
Total Pages: 143
Release: 2023-12-28
Genre: Technology & Engineering
ISBN: 1003804659
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This book covers big data, machine learning, and artificial intelligence-related technologies and how these technologies can enable the design, development, and delivery of customer-focused financial services to both corporate and retail customers, as well as how to extend the benefits to the financially excluded sections of society. Artificial Intelligence, Fintech, and Financial Inclusion describes the applications of big data and its tools such as artificial intelligence and machine learning in products and services, marketing, risk management, and business operations. It also discusses the nature, sources, forms, and tools of big data and its potential applications in many industries for competitive advantage. The primary audience for the book includes practitioners, researchers, experts, graduate students, engineers, business leaders, and analysts researching contemporary issues in the area.

FinTech in Financial Inclusion: Machine Learning Applications in Assessing Credit Risk

FinTech in Financial Inclusion: Machine Learning Applications in Assessing Credit Risk
Author: Majid Bazarbash
Publisher: International Monetary Fund
Total Pages: 34
Release: 2019-05-17
Genre: Business & Economics
ISBN: 1498314422
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Recent advances in digital technology and big data have allowed FinTech (financial technology) lending to emerge as a potentially promising solution to reduce the cost of credit and increase financial inclusion. However, machine learning (ML) methods that lie at the heart of FinTech credit have remained largely a black box for the nontechnical audience. This paper contributes to the literature by discussing potential strengths and weaknesses of ML-based credit assessment through (1) presenting core ideas and the most common techniques in ML for the nontechnical audience; and (2) discussing the fundamental challenges in credit risk analysis. FinTech credit has the potential to enhance financial inclusion and outperform traditional credit scoring by (1) leveraging nontraditional data sources to improve the assessment of the borrower’s track record; (2) appraising collateral value; (3) forecasting income prospects; and (4) predicting changes in general conditions. However, because of the central role of data in ML-based analysis, data relevance should be ensured, especially in situations when a deep structural change occurs, when borrowers could counterfeit certain indicators, and when agency problems arising from information asymmetry could not be resolved. To avoid digital financial exclusion and redlining, variables that trigger discrimination should not be used to assess credit rating.

Financial Technology and Disruptive Innovation in ASEAN

Financial Technology and Disruptive Innovation in ASEAN
Author: Anshari, Muhammad
Publisher: IGI Global
Total Pages: 331
Release: 2019-07-05
Genre: Business & Economics
ISBN: 1522591850
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The emergence of financial technology (FinTech)-related products is causing major disruptions in financial services that enable financial solutions and innovative business models resulting in the fusion of finance and smart mobile technology. As ASEAN is undergoing a paradigm shift from government-to-government (G2G) to community-to-community (C2C) relationships with the emphasis on integration and collaboration, the adoption of FinTech and its possible future directions needs to be studied further. Financial Technology and Disruptive Innovation in ASEAN provides an assortment of innovative research that explores the recent FinTech initiative in ASEAN with respect to its process, strategies, challenges, and outcomes and highlights new business models, products, and services that affect financial markets and institutions and the provision of financial services. While highlighting topics including blockchain technology, cloud computing, and mobile banking, this book is ideally designed for business executives, managers, entrepreneurs, financial and banking practitioners, policymakers, academicians, students, professionals, and researchers.

Fintech with Artificial Intelligence, Big Data, and Blockchain

Fintech with Artificial Intelligence, Big Data, and Blockchain
Author: Paul Moon Sub Choi
Publisher: Springer Nature
Total Pages: 306
Release: 2021-03-08
Genre: Technology & Engineering
ISBN: 9813361379
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This book introduces readers to recent advancements in financial technologies. The contents cover some of the state-of-the-art fields in financial technology, practice, and research associated with artificial intelligence, big data, and blockchain—all of which are transforming the nature of how products and services are designed and delivered, making less adaptable institutions fast become obsolete. The book provides the fundamental framework, research insights, and empirical evidence in the efficacy of these new technologies, employing practical and academic approaches to help professionals and academics reach innovative solutions and grow competitive strengths.

Risks and Challenges of AI-Driven Finance: Bias, Ethics, and Security

Risks and Challenges of AI-Driven Finance: Bias, Ethics, and Security
Author: Kunjumuhammed, Siraj Kariyilaparambu
Publisher: IGI Global
Total Pages: 386
Release: 2024-08-01
Genre: Business & Economics
ISBN:
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Integrating Artificial Intelligence (AI) presents immense opportunities and daunting challenges in the rapidly evolving finance landscape as AI-driven algorithms and models revolutionize decision-making and enhance efficiency, concerns about bias, ethics, and security loom. Financial institutions must navigate these complexities responsibly while leveraging AI's potential to innovate and thrive. Risks and Challenges of AI-Driven Finance: Bias, Ethics, and Security guides this dynamic environment. Written for professionals, researchers, policymakers, and students, this book comprehensively explores AI's impact on finance. It delves into the intricacies of bias in algorithms, ethical frameworks, cybersecurity, and regulatory compliance, offering actionable insights to address these critical issues.

FinTech and Artificial Intelligence for Sustainable Development

FinTech and Artificial Intelligence for Sustainable Development
Author: David Mhlanga
Publisher: Springer Nature
Total Pages: 433
Release: 2023-07-24
Genre: Business & Economics
ISBN: 3031377761
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This book investigates how smart technologies can play a crucial role in the achievement of the UN Sustainable Development Goals. Focusing on FinTech as well as artificial intelligence, the author demonstrates how one of the most effective strategies for accelerating progress toward global development goals is to make use of emerging technologies to broaden and deepen the scope of action. The first part of the book offers a historical perspective on sustainable development, financial technology and the emergence of the Fourth Industrial Revolution, while the second part looks in-depth at new technologies that can contribute to the realization of the SDGs. The power of AI to reduce poverty and increase food security, the implications of digital innovations for education, the impact of AI on clean transport, the role of FinTech in mitigating climate change, and ways in which AI can aid financial inclusion are all discussed.

Synergy of AI and Fintech in the Digital Gig Economy

Synergy of AI and Fintech in the Digital Gig Economy
Author: Alex Khang
Publisher: CRC Press
Total Pages: 442
Release: 2024-09-30
Genre: Computers
ISBN: 1040117082
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The convergence of Artificial Intelligence (AI) and Financial Technology (Fintech) has ushered in a new era of innovation in the finance ecosystem, particularly within the context of the digital gig economy. This emerging trend has created a unique set of challenges and opportunities, which AI and Fintech are poised to address. This book explores how the convergence of these cutting-edge technologies is reshaping the financial landscape, especially related to the way people work and earn in the gig economy, and examines the rise of the digital gig economy and its impact on the traditional workforce. Synergy of AI and Fintech in the Digital Gig Economy presents the key advancements in AI and Fintech, how they are disrupting traditional financial systems, and how AI-powered tools and platforms are streamlining financial processes, enhancing decision-making, and providing personalized services to individuals and businesses. The book explores how the synergy of AI and Fintech is advancing financial inclusion and looks at how these technologies are providing previously underserved populations with access to financial services and empowering them to participate in the global economy. Highlights include how AI and Fintech are revolutionizing risk assessment and management in the financial sector and discuss the use of advanced algorithms to detect fraud, assess creditworthiness, and mitigate financial risk more effectively. The book also addresses the regulatory challenges and ethical considerations arising from the integration of AI and Fintech and discusses the need for responsible AI and data privacy to ensure sustainable development. Insights, case studies, and practical examples provided in the book show how AI and Fintech are driving transformative changes and represent an area of significant interest and importance in the realm of finance and technology. Written for students, scholars, lecturers, researchers, scientists, experts, specialists, and engineers, this book represents an area of significant interest and importance in the realm of finance and technology. Real-world examples and contributions from industry experts give readers a comprehensive understanding of this hot trending topic.

AI-Driven Decentralized Finance and the Future of Finance

AI-Driven Decentralized Finance and the Future of Finance
Author: Irfan, Mohammad
Publisher: IGI Global
Total Pages: 426
Release: 2024-08-26
Genre: Business & Economics
ISBN:
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In the evolving landscape of finance, traditional institutions grapple with challenges ranging from outdated processes to limited accessibility, hindering the industry's ability to meet the diverse needs of a modern, digital-first society. Moreover, as the world embraces Decentralized Finance (DeFi) and Artificial Intelligence (AI) technologies, there becomes a need to bridge the gap between innovation and traditional financial systems. This disconnect not only impedes progress but also limits the potential for financial inclusion and sustainable growth. AI-Driven Decentralized Finance and the Future of Finance addresses the complexities and challenges currently facing the financial industry. By exploring the transformative potential of AI in decentralized finance, this book offers a roadmap for navigating the convergence of technology and finance. From optimizing smart contracts to enhancing security and personalizing financial experiences, the book provides practical insights and real-world examples that empower professionals to leverage AI-driven strategies effectively.

MicroFinTech

MicroFinTech
Author: Roberto Moro-Visconti
Publisher: Springer Nature
Total Pages: 281
Release: 2021-09-06
Genre: Business & Economics
ISBN: 3030803945
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Microfinance is a renowned albeit controversial solution for giving financial access to the unbanked, even if micro-transactions increase costs, limiting outreach potential. The economic and financial sustainability of Microfinance Institutions (MFIs) is a prerequisite for widening a potentially unlimited client base. Automation decreases costs, expanding the outreach potential, and improving transparency and efficiency. Technological solutions range from branchless mobile banking to geo-localization of customers, digital/social networking for group lending, blockchain validation, big data, and artificial intelligence, up to “MicroFinTech” - FinTech applications adapted to microfinance. Of interest to both scholars, students, and professors of financial technology and microfinance, this book examines these trendy solutions comprehensively, going beyond the existing literature and showing potential applications to the traditional sustainability versus outreach trade-off.

Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance

Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance
Author: El Bachir Boukherouaa
Publisher: International Monetary Fund
Total Pages: 35
Release: 2021-10-22
Genre: Business & Economics
ISBN: 1589063953
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This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.