Empowering Rural Jharkhand: Adoption of Artificial Intelligence for Digital Financial Inclusion

In recent years, the rapid advancement of technology, particularly in Artificial Intelligence (AI), has revolutionised various industries and domains. One such area where AI has shown immense potential is in promoting digital financial inclusion. This research study investigates how artificial intelligence (AI) impacts the advancement of digital financial inclusion. It highlights the growing importance of digital inclusive finance in enabling individuals in the lower economic strata to engage in financial activities. Utilising AI, Fintech firms are enhancing efforts to facilitate the involvement of low-income individuals, minorities, women, youth, and small enterprises in mainstream financial activities. The study employed conceptual analysis and a review of scholarly articles, reports, and authoritative sources on AI and digital financial inclusion to evaluate AI's impact. The analysis revealed that AI significantly impacts digital financial inclusion by improving risk assessment, addressing information disparities, providing customer assistance through chatbots, and enhancing fraud detection and cybersecurity measures. Recommendations include urging financial institutions, non-financial entities, and governments worldwide to integrate and expand the deployment of AI solutions to empower financially marginalised groups to participate in formal financial systems with minimal barriers and maximum advantages.