AI in fintech: Bridging the financial divide, not widening it

Artificial intelligence is the defining competitive advantage in today’s accelerating fintech ecosystem. From real-time fraud detection to hyper-personalised financial products, artificial intelligence (AI) is already reshaping the customer experience. Yet, as we race forward, we must ask, who are we leaving behind?

According to the World Bank, over 1.4 billion adults globally remain unbanked. While fintech has made significant progress in making financial services faster and more accessible, it must also ensure that the benefits of innovation extend to those who need it most. The next leap in fintech must be powered by AI, but it must also be grounded in the imperative of financial inclusion.

A missed opportunity and a ticking clock

The UAE has been a beacon of innovation in fintech, from the rise of digital banking to the growing influence of cryptocurrency and blockchain technologies. This momentum creates an opportunity to build world-class infrastructure and lead with purpose.

For a nation with a diverse population and a bold vision for the future, embracing inclusive AI is both a strategic advantage and a meaningful responsibility.

Many individuals, particularly migrant workers who contribute so significantly to our economy, still face challenges in accessing basic financial products that are safe, affordable, and tailored to their needs.

From buzzword to catalyst

Financial inclusion is not just about opening an account. It is also about empowering residents with tools to manage their finances, send money home affordably, access micro-credit, and build a safety net for their families.

When applied responsibly, AI can play a vital role in advancing this vision. Technologies such as biometric identification, multilingual interfaces, and intelligent risk profiling can help remove longstanding barriers, especially for underserved communities that may lack formal documentation or credit histories.

In remittance-driven economies, AI can also enhance the speed, transparency, and affordability of cross-border transfers. With strong regulation and a supportive environment for innovation, there is real potential to use machine learning to improve transaction flows, reduce delays, and eliminate unnecessary costs.

These are not abstract improvements. They translate into real value for individuals and families who rely on these services every day.

Why now?

The McKinsey Global Institute (MGI) estimates that across the global banking sector, gen AI could add between $200bn and $34bn in value annually, or 2.8 to 4.7 per cent of total industry revenues. However, the real opportunity lies in ensuring this value translates into broader access and real impact for individuals and communities.

As financial institutions adopt AI at scale, there is a unique window to embed inclusion into the foundation of these systems, from how services are designed to who they are designed for.

This momentum is further strengthened by the UAE’s national strategies.

The AI Strategy 2031 positions the country as a global AI leader with a focus on ethical, inclusive, and impactful applications across sectors like finance. Alongside this, the Digital Government Strategy 2025 aims to build an inclusive, user-centric digital society that leaves no one behind.

With clear frameworks in place and growing global AI maturity, now is the time to ensure fintech becomes not only smarter but also more inclusive, more human, and better aligned with real-world needs.

Building a human-centered AI future

This progress comes with responsibility. Financial institutions must ensure that inclusion is not an afterthought but a foundation. That means designing AI with diverse data sets, multilingual interfaces, and accessible experiences that reflect the communities we serve.

It also requires collaboration between traditional players, fintech innovators, regulators, and governments to establish clear frameworks that guide ethical and inclusive AI development.

Importantly, AI should complement, not replace, human connection. In a multicultural society like the UAE, omnichannel approaches that blend digital tools with physical touchpoints are essential. Financial literacy, personalised support, and community access must remain part of the equation to ensure no one is left behind.

A call to action

The fintech revolution has been marked by speed, scale, and disruption. Yet responsibility must characterise the next chapter.

Financial inclusion is not a box to be ticked. It’s the bedrock of long-term economic resilience and social cohesion. AI offers us a remarkable set of tools. But as with any tool, its worth depends on how and for whom we use it.

Let us build a future where progress is shared, access is expanded, and technology serves as a force for positive impact.

 The writer is the CEO at Al Fardan Exchange.