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Equitable AI for Inclusive Finance

Presenters: Alexandra Rizzi (CFI) and Lucciana Alvarez Ruiz (CFI) Moderator: Sarah (Alliance DFA) A World Economic Forum survey involving 151 fintechs and established financial institutions revealed that over 90% of fintechs are integrating Artificial Intelligence (AI) into their operations. Another noteworthy expectation in the banking industry is that productivity will increase by USD200 to USD340 billion due to generative AI. AI also plays a role in promoting financial inclusivity, especially for women and marginalised groups. Traditionally, low-income women face barriers due to lack of title ownership, credit or payment history, and access to collateral. Yet, AI's ability to analyse alternative data sources such as social media and utility records is transforming their access to financial services. However, the rise of AI in finance comes with new challenges; data privacy vulnerabilities and biased outcomes pose risks. Women have experienced biases in credit decisions, revealing a need for fairer AI models. As we await AI regulations, it's imperative for fintechs to ensure that their algorithms are ethically designed, considering the needs of vulnerable populations. Watch the recordings of the 2023 Pathwayto17 or learn more on https://pathwayto17.com/