The Coming Democratization Of Financial Services, Thanks To Artificial Intelligence

“Margaris: AI is already widely used in the financial industry and expanding to additional sectors like banking, trading, and lending, such as in more nuanced and accurate credit scoring systems deployed through AI and big data. AI allows companies to make more informed decisions and improve fraud detection and risk management systems, as well as to provide more personalized and tailored offers for individual customers.
Margaris: The…long-term impact of those companies will be our industry’s true legacy. By democratization of the financial system, I mean an industry that provides for the unbanked or underbanked — people with disabilities, minorities, or marginalized groups — by providing them with access to basic and fair financial services. Many financial services that most of us take for granted are inaccessible to low-income and rural populations due to a lack of physical infrastructure, internet, smartphones, and computer access.
Finally, AI that can be explained must be deployed to drive down costs and provide greater transparency and access. Everyone will benefit and, most importantly, truly advance from the democratization of the financial sector, which should be of interest to us all.”