Publication Type
Journal Article
Version
publishedVersion
Publication Date
4-2020
Abstract
According to the World Bank, a key factor to poverty reduction and improving prosperity is financial inclusion. Financial service providers (FSPs) offering financially-inclusive solutions need to understand how to approach the underserved successfully. The application of artificial intelligence (AI) on legacy data can help FSPs to anticipate how prospective customers may respond when they are approached. However, it remains challenging for FSPs who are not well-versed in computer programming to implement AI projects. This paper proffers a no-coding human-centric AI-based approach to simulate the possible dynamics between the financial profiles of prospective customers collected from 45,211 contact encounters and predict their intentions toward the financial products being offered. This approach contributes to the literature by illustrating how AI for social good can also be accessible for people who are not well-versed in computer science. A rudimentary AI-based predictive modeling approach that does not require programming skills will be illustrated in this paper. In these AI-generated multi-criteria optimizations, analysts in FSPs can simulate scenarios to better understand their prospective customers. In conjunction with the usage of AI, this paper also suggests how AI-Thinking could be utilized as a cognitive scaffold for educing (drawing out) actionable insights to advance financial inclusion.
Keywords
Artificial intelligence, Bayesian, Explainable-AI, Financial technology, Fintech, Human-centric, Human-in-the-loop, Marketing, Predictive modeling, AI for good, AI-Thinking
Discipline
Artificial Intelligence and Robotics | Finance and Financial Management | Technology and Innovation
Publication
Big Data and Cognitive Computing
Volume
4
Issue
2
First Page
1
Last Page
21
ISSN
2504-2289
Identifier
10.3390/bdcc4020008
Publisher
MDPI
Embargo Period
5-24-2021
Citation
HOW, Meng Leong; CHEAH, Sin Mei; KHOR, Aik Cheow; and CHAN, Yong Jiet.
Artificial intelligence-enhanced predictive insights for advancing financial inclusion: A human-centric AI-thinking approach. (2020). Big Data and Cognitive Computing. 4, (2), 1-21.
Available at: https://ink.library.smu.edu.sg/lkcsb_research/6719
Copyright Owner and License
Authors
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.
Additional URL
https://doi.org/10.3390/bdcc4020008
Included in
Artificial Intelligence and Robotics Commons, Finance and Financial Management Commons, Technology and Innovation Commons