Leveraging AI-Driven Solutions for Enhancing Financial Inclusion in the Indian Service Industry-Issues and Prospects
Abstract
To address poverty, and to drive an improved economy globally, financial inclusion; the process of ensuring that easily available, reasonably priced and credible financial services are provided, is necessary. Even though there have been improvements on this, official banking systems are still alienating billions of people worldwide. Representing an opportunity to fill these gaps in inclusion, artificial intelligence comes with novel techniques that make financial services more affordable, used and available in the society. An industry revolution in the financial sector has been fueled by the integration of machine learning thus making it possible for institutions to have deeper understanding and make informed decisions. This study examines the levels of digital financial inclusion and variety of cutting-edge products of finance provided to women in some rural areas by private banking sector using a ML approach. The investigation performs an analysis and understands data collected from several sources including, transaction records, user behaviour and demographic data with the use of advanced GBM ML method. The two key objectives of this investigation are the following; first and most importantly, the mandate is to evaluate the current representation of rural women in practices of digital finance. For this assessment, factors such as use of mobile financial applications, digital literacy level and accessibility to banking services will be used. Furthermore, the study intends to assess the diversity of innovative financial products provided by private banks and closely analyse how they meet the specific financial needs of rural women.