Banking executives have claimed AI can help both their corporations and their clients. AI tools can speed up know-your-customer checks, help improve customer service channels, or spread access to wealth management tools to those outside the high-net-worth-income bracket.
Yet the most pressing need for AI, according to Sopnendu Mohanty, co-founder of the Global Finance and Technology Network (GFTN), is to help banks get loans to low-income populations and solve the financial inclusion challenge.
