AI in Financial Sector – A Driver to Financial Literacy

Abstract

The financial set-up of a rustic plays a key role in economic development. Since independence Asian nation leaders area unit going to eradicate impoverishment and switch India into the spirited, self –reliant global economy and embedded financial literacy needs in every citizen’s life. India is historically a rustic of avid savers. A growing literature has examined the role of financial literacy in an individual’s income, saving behavior and the use of various financial products. However, so far, no one has examined the relationship between financial literacy and the awareness and adoption of financial technology (fin-tech) products, i.e., financial products provided via internet-based and mobile-based platforms. This paper examines this relationship in developing countries like India. As a part of AI- Artificial Intelligence in the financial sector, Fin-tech companies are playing a major role in rendering financial services far better and even brought it within palms of people. So in this paper, I put my effort to present inter- relation between financial services and financial intelligence.