Revolutionizing Financial Inclusion: AI-Powered Personalized Support for Last-Mile Banking

Study Overview

In growth markets, where an estimated 1.4 billion individuals remain unbanked, the reliable and consistent delivery of last-mile banking services remains a critical challenge despite multi-sector technological advancements. In emerging markets, neighborhood mom-and-pop store owners acting as micro-fintech agents are crucial basic banking service providers in underserved communities. However, efforts to improve access to banking services through these agents often face a significant challenge known as 'merchant dormancy'. Empowering last-mile micro-fintech agents with meaningful, actionable information on financial products and how to manage and maintain them could reduce dormancy, potentially catalyzing an estimated USD 380 billion in annual economic value and fostering local economic development. For micro-fintech agents serving the underbanked in emerging markets, the AI revolution offers an opportunity to jumpstart their productivity supported by access to personalized and timely advice. This research leverages Large Language Models (LLMs) in two ways a) Personalized recommendation (curation) with an AI virtual secretary and b) Low-cost and fast content creation through Generative AI models aimed to reduce merchant dormancy, increase access to and improve quality of financial services offered by micro-fintech agents in rural and peri-urban India.

Study Results

Pending

Intervention: AI-generated personal support for micro-fintech agents

Research Partner: Center for Growth Markets

Intervention Partner: FINO

Populations: Small, micro enterprises, unbanked households and individuals

IBSI Funding Acknowledgement: Lab for Inclusive FinTech (LIFT)

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