AI to Drive Financial Inclusion for Billions, Says Infosys Chairman: Report

AI to Drive Financial Inclusion for Billions, Says Nandan Nilekani
Nandan Nilekani, Non-Executive Chairman of Infosys, emphasised the transformative role of artificial intelligence (AI) in driving financial inclusion. He said that AI can serve as the medium that will make digital public infrastructure-based (DPI) financial services accessible to billions of Indians. He highlighted how AI-powered language models can significantly expand access to financial services for billions of people, according to multiple media reports.

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Also Read: Infosys Research Reveals Companies Anticipate Up to 40 Percent Productivity Gains from Enterprise AI

AI as a Catalyst for Financial Inclusion

India plans to expand its DPI to more than 50 countries within the next five years. So far, it has supported the implementation of parts of its DPI stack in 20 countries, Nilekani reportedly shared. He added that the estimated value of companies created on top of DPI will be over USD 100 billion in market cap.

Emphasizing the transformative potential of AI for population-scale services, Nilekani reportedly noted that AI is being utilised to reduce fraud by creating highly personalised solutions. He also mentioned that AI is being explored to address India’s linguistic diversity.

AI for Bharat

“We have 22 official languages and several hundred other spoken languages…So, some of the work we’ve done in AI for Bharat at IIT Madras is to create open data for Indian languages, which can be used by everybody,” he said, according to a Moneycontrol report. “If individuals in India can interact in their preferred language—whether to access information or complete tasks—it opens up financial services to a billion people.”