New Delhi, Dec. 9 -- Formal financial inclusion remains to be one of the significant challenges for India's economy, with millions of individuals still excluded from credit and insurance access. As of March 2024, the country's Financial Inclusion Index (FI-Index) surged to 64.2, up from 60.1 in the previous year, reflecting progress in extending banking services across the nation, according to a recent report by EY. But, a large part of the population still lacks access to banking services.

The lack of access is compounded by language barriers and low digital literacy among underserved populations. Recognising that technology must overcome these systemic gaps, Artificial Intelligence (AI) has emerged as the essential tool to deliver fina...