2024, Vol. 5, Issue 1, Part A

The recent era is witnessing a massive change in the domain of financial inclusion. Digital financial services are consistently spreading the wings and trying to engulf the existing empire of financial inclusion through traditional services. Decades of researches have advocated the positive impact of financial inclusion through traditional services on

economic growth. Hence it is pertinent to examine the impact of digital financial inclusion thoroughly and continuously in this context. The purpose of this work is to study the impact of digital finance on financial inclusion and the effect of Artificial Intelligence (AI) on digital financial inclusion. The study observed the use of various Artificial Intelligence tools and applications by the Fintech companies in order to make digital financial inclusion a success. The present study found that Artificial Intelligence has a strong influence on digital financial inclusion. The investigation found that Artificial Intelligence is transforming the financial inclusion through the extensive use of algorithms to automate risk detection, management and measurement. Providing prompt and efficient customer support and helpdesk through chatbots, ensuring advanced consumer protection through fraud detection and cyber security, overcoming the problem of information asymmetry; are few among the various benefits of applying Artificial Intelligence tools in digital financial inclusion. Thus, the study recommends that the various strategies and initiatives adopted by government and non-government institutions and agencies towards financial inclusion must use the platform of digital finance. Government may also take initiatives to implement and apply various Artificial Intelligence tools in all financial institutions in order to bring maximum number of people of this country into an organized financial system.