The Potential Impact of Artificial Intelligence on Equity and Inclusion in Finance
DOI:
https://doi.org/10.51137/wrp.ijarbm.563Keywords:
Algorithmic Bias, Artificial Intelligence, Equity in Finance, Inclusion in Finance, Regulatory FrameworksAbstract
Artificial intelligence is increasingly embedded in global financial systems, shaping practices such as credit scoring, fraud detection, portfolio optimisation, and customer service delivery. While these applications are widely recognised for improving efficiency and reducing costs, they also carry significant implications for equity and inclusion. AI-enabled financial technologies have the potential to expand access for unbanked and underbanked populations, as well as to support financial participation in emerging markets. This study presents a systematic literature review, examining conceptual and empirical research published between 2020 and 2025. The review finds that AI-driven financial models can increase loan approvals, enhance risk assessment, and contribute to financial literacy initiatives, especially in low- and middle-income settings. At the same time, algorithmic bias, infrastructural limitations, regulatory fragmentation, and the digital divide continue to constrain the inclusivity of AI-enabled finance. Ethical considerations, particularly transparency, accountability, and participatory design, emerge as central to achieving equitable outcomes. The transformative promise of AI in finance can only be realised through context-sensitive governance, harmonised regulatory frameworks, and sustained monitoring that align technological innovation with broader goals of social justice.
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