AI adoptions widen financial access for MSMEs, individuals – Report
Business, AI The rapid adoption of artificial intelligence (AI) is being driven largely by businesses that have already integrated digital tools into their operations, according to a World Bank report.
The lender, in its latest World Development Report, titled The Promise of Artificial Intelligence, said AI can create opportunities for MSMEs to access financial services through credit-scoring models.
Citing Brazil, Kenya and India, where AI has been adopted largely in financial services, the World Bank said lenders were able to provide credit to more people by using machine-learning algorithms to develop alternative credit scores based on individuals’ digital footprints.
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