The rapid diffusion of artificial intelligence (AI) across financial systems has transformed how financial services are designed, delivered, and accessed. From credit scoring and digital payments to fraud detection and mobile banking, AI-driven technologies are increasingly positioned as tools for expanding financial inclusion, particularly among underserved and unbanked populations. Despite these promises, concerns persist regarding algorithmic bias, data exclusion, opacity, and the reproduction of structural inequalities through automated decision-making systems. These challenges raise important questions about whether AI serves as a catalyst for inclusive growth or reinforces existing patterns of financial marginalization.
This conceptual review critically examines the role of artificial intelligence in advancing financial inclusion, with particular attention to its implications for underserved populations in low- and middle-income economies. Drawing on interdisciplinary scholarship published between 2019 and 2025, the paper synthesizes literature from financial technology, development economics, data ethics, information systems, and public policy to assess how intelligent systems shape access to credit, payments, savings, insurance, and financial identity. The review evaluates both the enabling potential of AI-driven financial services and the risks associated with algorithmic exclusion, digital divides, and governance gaps.
The paper argues that while AI holds significant promise for extending financial services to marginalized communities, its impact is contingent upon institutional design, data governance, regulatory oversight, and ethical implementation. Without deliberate safeguards, AI systems may entrench existing inequalities by privileging data-rich populations and reproducing historical biases embedded in financial datasets. The review concludes by proposing a conceptual framework for inclusive AI-driven finance that integrates transparency, accountability, human oversight, and context-sensitive design. By situating AI within broader debates on financial justice and digital development, the paper contributes to emerging scholarship on responsible innovation and inclusive digital transformation.