Could Artificial Intelligence bridge our digital divide?

Artificial intelligence (AI) is one of the most transformative technologies of our time. It is already being used to automate tasks in a wide range of industries, from healthcare to manufacturing and more recently finance. It is having a major impact on the digital world, with applications such as social media algorithms, search engines, and virtual assistants being developed to support us. 

However, to ensure that AI benefits everyone, it is important to ensure that AI systems are developed and deployed in a fair and equitable way. This means ensuring that AI systems are trained on data that is representative of the population and that they are designed to avoid bias. Additionally, it is important to develop policies and regulations that govern the use of AI in a way that protects privacy and individual rights.

This rise in the use of AI does have the potential to significantly impact digital inclusion. It can be used to develop new tools and technologies that can make it easier for people to access and use digital resources. For example, AI-powered translation tools can help people who speak multiple languages to access online content and services. AI-powered screen readers can help people with visual impairments to use computers and smartphones.

It can also be used to develop new educational tools and programs that can help people learn and develop the digital skills they need to participate in the digital world. For example, AI-powered tutoring systems can provide personalised instruction to students to learn at their own pace. 

More importantly it can also be used to promote digital inclusion in the following ways:

Improving the accessibility of digital content and services. AI can be used to develop automatic captioning and transcription tools that can make videos and podcasts more accessible to people with hearing impairments. AI can also be used to develop tools that can make websites and online applications more accessible to people with disabilities.

Personalisation of the digital experience. AI can be used to personalise the content and services that people see online based on their individual interests and needs. This can help people to discover new and relevant information, and it can also make the digital experience more engaging and enjoyable. Ant Group is a Chinese fintech company that operates the Alipay mobile payment platform. With over 1 billion active users China’s Ant Group has unveiled its large language model (LLM) and related AI applications that it has developed for the financial services sector.

Empowering people to create their own digital content and services.  AI can be used to develop tools that make it easier for people to create and share their own digital content, such as videos, podcasts, and blog posts. AI can also be used to develop tools that make it easier for people to create and launch their own online businesses.

AI-powered lending platforms can use alternative data sources, such as mobile phone data and social media data, to assess creditworthiness and provide loans to people who would not be approved for a loan from a traditional bank. Check out ZestFinance the US-based fintech company that intendends to bring fairness to lending by using AI to assess creditworthiness and provide loans to people with limited credit history or bad credit. Their lending platform uses a variety of data sources, including mobile phone data, social media data, and employment data, to assess creditworthiness. This allows ZestFinance to provide loans to people who would not be approved for a loan from a traditional bank.

On the other hand, there is also the risk that AI could exacerbate the digital divide and make it more difficult for people to access and use digital resources. For example, if AI-powered algorithms are used to personalise the content and services that people see online, this could lead to people being trapped in echo chambers and exposed to less diverse information. Additionally, if AI-powered automation leads to job losses in certain industries, this could disproportionately impact low-income communities.

Overall, improved access to AI has the potential to make financial products and services more accessible, affordable, and secure for everyone. This can help to promote financial inclusion and to reduce the number of people who are unbanked or underbanked. It can be used to develop new financial products and services that are more accessible to people with low incomes, limited credit history, or other barriers to accessing traditional financial services. For example, 

Personalising financial advice and recommendations. AI can be used to personalise financial advice and recommendations for individuals based on their individual needs and circumstances. This can help people to make better financial decisions and to achieve their financial goals. One example is Betterment. Betterment is a robo-advisor that uses AI to create and manage personalized investment portfolios for its clients. It acheives this by considering a variety of factors when developing investment portfolios, including the client's age, risk tolerance, financial goals, and time horizon.

Reducing the cost of financial services. AI can be used to reduce the cost of financial services by automating tasks and reducing the need for human intervention. This can make financial services more affordable for people with low incomes. For example, AI-powered chatbots can be used to provide customer support and to answer questions about financial products and services.

Improving the security of financial transactions. AI can be used to improve the security of financial transactions by detecting and preventing fraud. For example, AI-powered fraud detection systems can be used to identify fraudulent transactions in real time and to prevent them from being completed.

Here are some specific examples of how AI is being used to promote financial inclusion today:

• Branchless banking. AI-powered mobile banking apps are making it easier for people in rural and underserved areas to access financial services without having to travel to a physical bank branch.

• Microfinance. AI-powered lending platforms are providing microloans to small businesses and entrepreneurs in developing countries.

• Financial education. AI-powered financial literacy apps are teaching people about basic financial concepts and how to manage their money wisely.

• Fraud detection. AI-powered fraud detection systems are helping banks and other financial institutions to identify and prevent fraudulent transactions.

As AI technology continues to develop, we can expect to see even more innovative ways to use AI to promote financial inclusion.

Overall, the rise of AI has the potential to have a significant impact on digital inclusion. By using AI to develop new tools and technologies, to personalise and improve the learning experience, and to make government services more efficient and effective, we can help to ensure that everyone has the opportunity to benefit from the digital world.

• AI could help to bridge the digital divide in rural and underserved areas.

• AI-powered technologies can be used to deliver educational resources, government services, and healthcare to people in rural and underserved areas where access to traditional resources is limited.

• AI could help to create new educational opportunities for people who are unable to attend traditional schools.

• AI-powered educational tools can be used to provide personalised instruction to people of all ages and backgrounds. This could help to make education more accessible and affordable for everyone.

• AI could help to create new jobs and opportunities for people with disabilities.

• AI-powered technologies can be used to develop new assistive technologies and to create new jobs that are designed for people with disabilities. This could help to improve the economic well-being of people with disabilities and to make them more active participants in society.