A survey of AI in finance

After 65 years of independence, large sections of Indian population still remain unbanked. This has led generation of financial instability and lower income group who do not have access to financial products and services. However, in the recent years the government and Reserve Bank of India has been introduced the concept and idea of financial inclusion.Financial inclusion is an important method of economic development of a nation. Financial sector inclusion is very important component of inclusive growth strategy. Financial inclusion can be described as the delivery of banking and other financial services at affordable costs to the vast section of the disadvantaged and low income groups. It plays very vital role in economic progress. Financial sector inclusion helps in eliminating poverty, reducing inequality, eliminating unequal access to opportunities, reducing inequalities of choice. This study tries to understand policy initiatives by the govt for financial inclusion, reasons for financial exclusion, steps taken by the government for financial inclusion and implications of financial inclusion. This study is mainly based on secondary data and collected information from books, journals and website.

The banking system in India significantly differs from that of other Asian nations due to unique geographic, social, and economic spread. In India, financially excluded sections largely comprise of marginal farmers, slum dwellers, migrants, women, self-employed, and senior citizens. There have been many formidable challenges in financial inclusion for bridging the gap between the demand and supply side. The chapter deliberates the challenges faced by banks for financial inclusion in context of infrastructure and institutional credit, risk perception, illiteracy, compliances, financial awareness, products, and services. Barriers to financial services expansion and product and service delivery in rural markets will be reviewed, and the primary focus will be on challenges with respect to marketing and delivery of financial services in rural areas. Reaching out to the excluded sections through financial literacy campaigns, and in the process marketing, the banks and their schemes would be an important step towards financial inclusion.

The banking system in India significantly differs from that of other Asian nations due to unique geographic, social, and economic spread. In India, financially excluded sections largely comprise of marginal farmers, slum dwellers, migrants, women, self-employed, and senior citizens. There have been many formidable challenges in financial inclusion for bridging the gap between the demand and supply side. The chapter deliberates the challenges faced by banks for financial inclusion in context of infrastructure and institutional credit, risk perception, illiteracy, compliances, financial awareness, products, and services. Barriers to financial services expansion and product and service delivery in rural markets will be reviewed, and the primary focus will be on challenges with respect to marketing and delivery of financial services in rural areas. Reaching out to the excluded sections through financial literacy campaigns, and in the process marketing, the banks and their schemes would be an important step towards financial inclusion.

This work examined the evolvement of financial technology (fintech) in Nigeria’s commercial capital city, Lagos, and its influence on the delivery of financial services in Nigeria. The purposive sampling technique was adopted to select members of the population of financial services consumers in Lagos, the commercial and economic capital of Nigeria. A sample size of 400 was drawn with a total of 303 copies of the questionnaire properly completed, returned, and found sufficient to be employed for data analysis. ANOVA regression analysis was employed to analyse the data. The findings of the study indicated that factors such as the increase in technological advancement and its usage by younger consumers are the major drivers of financial services. Furthermore, it was established that many customers preferred fintech companies to traditional financial institutions in the scope of the delivery of financial services. It was also established that fintech companies have a significant influence on customer satisfaction and are changing the dynamics of competition in the delivery of financial services in Nigeria.

The study was conducted in Wakiso District Local Government. The main purpose was to investigate the relationship between financial management and service delivery in public institutions. Specific objectives were; to establish the relationship between budgeting and service delivery in public institutions; to assess the relationship between financial records and service delivery in public institutions and to examine the relationship between financial reporting and service delivery in public institutions. Financial management was looked at from various dimensions including budgeting, financial records and financial reporting, while service delivery was determined by reliability, assurance, responsiveness, tangibility and empathy. The research design was a case study based on both quantitative and qualitative approaches in relation to cross section, correlation and regression as research designs. The methods used for data collection were questionnaires and interviews. The sample study involved Administration and Heads of departments, District Finance, and Sub County & Town Council Finance Departments, Internal Audit, District Public Accounts Committee, Resident Auditors, District Executive, Sub County & Town Council Executive with a population of 111 and a sample of 103 respondents. Data was analyzed through the use of SPSS Version 20 for quantitative purposes and grouped into categories and themes for qualitative analysis. The conclusions were drawn from tables. Based on the data and research findings, there was a positive relationship between budgeting, financial records, financial reporting and service delivery in public institutions. The study established a positive relationship between financial management and service delivery in public institutions. Hence, it made recommendations such as; Leaders and managers of Local Governments should ensure that there is effective financial management to facilitate realistic budgets, up-to-date records on finances that could be traced in service areas and they should facilitate regular financial reporting and follow-ups in Local governments so as to identify areas that they could address and ensure that services related to the reports are verifiable. The study, therefore, concludes with a call to the stakeholders in Wakiso District Local Government to enhance financial management in form of budgeting, financial records and financial reporting since it enhances service delivery

Technological developments in medicine have created significant transformations in healthcare services and offered more effective diagnosis and treatment options for patients. Among these advances, artificial intelligence (AI) plays a pivotal role in a variety of medical applications, from disease diagnosis and treatment planning to clinical research and patient care optimization. However, the rapid development of artificial intelligence in medicine also raises ethical challenges and concerns, including patient privacy, data security, inequality and societal impacts. This study examines the potential benefits and risks associated with the global use of artificial intelligence in medicine. The study presents examples and features of global AI-based medical applications, including data-driven diagnosis and treatment, disease prediction and early warning systems, personalized care and treatment planning, drug development and discovery, telemedicine and remote healthcare. Discussions of confidentiality, fairness, integrity, transparency, patient autonomy, responsibility and accountability, change management, social acceptance are emphasized, emphasizing the importance of ethical rules and guidelines in the use of AI in medicine. An analysis of global publication trends in the study of AI and ethics in medicine is also presented, providing insights into the most influential countries and networks of collaboration. As a result, AI has enormous potential in medicine and offers numerous benefits, including better access to healthcare, improved diagnosis and treatment, customized care, resource efficiency, disease prevention and early detection. However, risks related to data security, privacy, inequality and ethical considerations must be addressed. Also, careful management, data security, ethical practices and protection of human factors are vital in leveraging the full potential of AI in medicine.

Several accounts have been suggested for the evolution of fintech, in the broad sense of using technology in the provision of financial services. These accounts differ with respect to dates, milestones and driving forces. As in the case of definitions, the historical evolution of fintech has been made such a controversial issue. Distinction is made between evolutionary and revolutionary innovations, and therefore between evolutionary and revolutionary fintech. Controversy has arisen as to whether fintech represents evolution or revolution.

COVID 19 is one of the major disasters that significantly disrupted the socio-economic statuses of various businesses and nations at large. The purpose of the study was to explore the extent to which COVID 19 affected financial inclusion in Zimbabwe. The quantitative research methodology and the purposive sampling technique were employed. Data was collected using in-depth and focus discussion group interviews from 35 participants. Data was analysed using thematic data analysis approach. Barred people in rural areas from accessing financial services which directly and indirectly increased the magnitude of poverty among people running informal businesses. Financial inclusion, is a key driver to poverty reduction; hence the negative impact of on financial inclusion significantly propels poverty in societies. Digitalizing financial services is one of the strategies which can be utilized to promote financial inclusion in the post- era. Financial institutions should use technology in financial services, so that those in rural areas do not incur transport and logistical costs for accessing financial services. Digital finance and other various financial innovations should be used to achieve financial inclusion in rural areas. Policies that encourage the delivery of formal financial services in rural areas should be developed. Governments should consider granting subsidy to providers of financial services so that they can offer basic financial services at low cost to the excluded population. Thus, governments ought to commit themselves to the delivery of accessible, affordable, appropriate and cost-effective financial services to unserved or underserved households. The study provides managers of financial institutions with various techniques of providing financial services to the informal sector in the post- eras in rural areas. It also provides managers with information pertaining to the risks in providing financial services in post-pandemic era in rural areas. Managers of internet service providers has a role in making sure that the rural folk have access to the facility so that digital banking systems become realizable.

The Sustainable Development Goals (SDGs) could be considered the paramount objective for all nations in the world. In keeping with this, a sound global financial system is now required to fulfill its mandate to encourage the mobilization of private capital for the achievement of sustainable development and consistent economic growth. Blockchain, the Internet of Things, big data, and artificial intelligence are just a few of the recent technological advancements that have been made possible by digital transformation and advancement, specifically in the finance sector. Traditional banks, regulators, and policymakers are all paying close attention to the buzz surrounding Fintech. Since the 2008 global financial crisis, the integration and innovation of emerging technologies and finance have accelerated financial technology development (FinTech). In this paper, we reviewed the literature on the evolution of Fintech in terms of regulations and policies, as well as the role of Fintech in achieving financial inclusion and sustainable development goals. We reviewed the fintech ecosystem and segregated it into three segments, from 2010-2015, 2016-2020, and 2021 to present. We have discussed the existing literature from the mentioned timeline and concluded that despite being surrounded by numerous challenges, the acceptance of Fintech has boomed over the period of time and created some new avenues for the future that support future sustainable international trade while also facilitating the SDGs.

This study focused on Police Reforms Practices and Service Delivery in the Kenya Police Service at Machakos County Police Headquarters. Police reforms in Kenya as availed from literature indicate that the colonial government in 1950 made attempts on reforming the police force. The appointment of the National Task Force on Police Reforms arose mainly from the post-election violence in 2007-2008 where hundreds of Kenyans lost their lives, thousands of people were displaced and property destroyed. This is because the police officers used excessive force, they were not trained to handle the violence that erupted and they took political sides. In order to address these concerns, the study aimed at examining police reforms practices and service delivery at Machakos county headquarters. Service delivery is a component of business that defines the interaction between providers and clients. Good service delivery provides clients with an increase in value. A well-functioning public sector that delivers quality public services consistent with citizen preferences and that fosters private market-led growth. The specific objectives were to establish the effect of personnel reforms and service delivery, establish the effect of financial reforms on service delivery and to establish the effect of legal reforms and service delivery in the Kenya Police service at Machakos County Police Headquarters Kenya. The significance of the study is as it tackled and documented the effect of police reforms practices and service delivery. It highlights the effect of personnel reforms and service deliver, financial reforms and service delivery and the legal reforms and legal reforms and service deliver. The study was guided by the Resource Based Theory, Servqual theory and the New Public Management Model in analyzing the theoretical background. A descriptive survey research design was used. The study targeted a population of 110 senior police officers in the Kenya Police Service and adopted the census approach to obtain information from every member of the population. Primary data was collected using a semi structured questionnaire, while secondary data was collected through review of literature on police reforms. Pilot study was conducted to validate the questionnaire. Data collected was subjected to quantitative analysis and data was presented using tables, graphs and pie charts inferential statistics was used in the study including correlation and multiple regressions in order to determine the relationship between the independent and dependent variables. Statistical package for social sciences (SPSS) version 22 was used to aid the analysis of the data. The findings revealed that personnel reforms and service deliver, financial reforms and service delivery and legal reforms and service delivery influence service delivery in the Kenya Police Service to a great extent. The findings conclude that personnel reforms have a positive and significant influence on service delivery in the Kenya Police Service at Machakos County Police Headquarters in Kenya. The conclusion on financial reforms and Service delivery, legal reforms and service delivery and financial reforms and service delivery have a positive and significant influence on service delivery in the Kenya Police Service. The findings recommend that the Kenya Police Service at Machakos County Police Headquarters should implement the personnel reforms. The findings also recommend that the police service should give police access to improved salary, savings Sacco and increased allowances. The findings furthermore recommend that legal reforms be instated that will assist in conducting impartial investigations, inspections, audits and monitoring of the National Police Service to enhance professionalism and discipline of the Service.

Banks, grocers and the changing retailing of financial services in Britain

In this paper we explore the relationship between knowledge, trust, and space in the production and consumption of retail financial services as part of a wider enquiry into processes of financial exclusion. We argue that the relationship between knowledge and trust helps to explain the evolution of financial services and the production over time of distinctive ecologies of financial service production and use. We discuss the changing scales of financial knowledge and trust in relation to the evolution of the UK financial services industry. We identify two idealised ecologies and networks of retail financial services. The middle-class suburb represents an ecology and network of privilege within the contemporary retail financial services market. It displays relatively high levels of aggregate knowledge about the financial system and constitutes an important part of the retail financial services network, with strong and frequent connections to the financial services industry as a whole. Poor inner-city areas and peripheral local authority housing estates, meanwhile, have very different financial ecologies. Areas of relative deprivation and poverty, they constitute ‘relic’ financial ecologies that have been bypassed and mostly ignored by the mainstream financial services industry. They are colonised by a distinctive set of financial institutions that include firms that operate door-to-door. We look at the formation and evolution of these ecologies over time and discuss the potential of enriching the ecology of the poor inner-city and peripheral local authority housing estate through public policy.

The absence of balanced protection puts customers in a weak position. This aspect of customer protection can also be seen in the national banking business. There are two dominant problems that are often complained of by customers of banking services. First, complaints about banking products such as ATMs (Automatic Teller Machines), credit cards, and various types of savings accounts. Also included in complaints about banking products are promises of prizes and advertisements for banking products. Second, complaints about the unsympathetic and unprofessional work of officers, especially service point officers such as tellers, customer service, and security guards. From these problems it can be seen that the aspect of customer protection is a very important aspect to pay attention to and not to be violated. This type of research is normative juridical, namely by examining library materials and secondary materials. Data sources in this study are secondary data. The data collection technique used in this research is through library research techniques. Banking dispute resolution mechanisms in the context of protecting banking customers, namely Dispute Resolution through OJK in implementing dispute resolution facilities, OJK appoints facilitators who are OJK officers in the field of Consumer Education and Protection, OJK Consumer Services Directorate. OJK's authorities in the context of consumer protection, especially banking customer protection, are as follows: (a) To provide information and education to the public on the characteristics of the financial services sector, its services and products; (b) Asking financial service institutions to stop their activities if these activities have the potential to harm society; and (c) Other actions deemed necessary in accordance with the provisions of laws and regulations in the financial services sector. The impact of the enactment of Law Number 21 concerning the Financial Services Authority on banking customers is that the Financial Services Authority is able to carry out the banking supervisory function. Moreover, this has been mandated in Law Number 21 of 2011.

Introduction. The digital changes taking place in all spheres of society are most evident in certain sectors, especially in the financial sector. One of the factors of the modern development of a sustainable economy is the digitalization of society associated with the rapid development of information technologies. Informatization of this sector in Russia is associated with the synthesis of legal, economic, social, political changes. Theoretical analysis. The article is devoted to the key trends of informatization of the financial sector of Russia. Consideration of theoretical and methodological approaches to the study of the penetration of digital technologies into the financial sector shows the lag of the Russian practice of deploying digital technologies from Western practices, and rapid growth in 2020 under the influence of the covid crisis. Empirical analysis. Analysis of the main suppliers of information technologies in the financial sphere and their products has been carried out. Priority directions of development of information technologies in the financial sector and ways of their implementation are identified. The main approaches to strengthening information security and reliability of financial technologies in Russia have been studied. Synthesis of materials on research of information technologies in the financial sector of Russia has been carried out. Results. Modern realities are such that new technologies based on digital services are actively being introduced into Russian practice, which changes the structure of financial market entities, makes financial products more accessible to citizens and businesses. The penetration of IT companies into the financial services market starts the process of transforming the delivery of financial products and services fintech becomes an independent sector of the economy. The format of the financial sector, 24/7, gives users round-the-clock access to services and products, but at the same time forms a range of risks that need to be taken into account and addressed. Digitalization of the financial sector, based on a global rethinking of information solutions, is the key to the transition to sustainable development.

Through innovation and technology, traditional financial services have undergone a significant transition. Today, technology seems to be a key component in the growth of digital economy. With the rising market and technical improvements, Indian banking sectors and financial service providers have purposefully adopted technology over the years to enhance client reach, service delivery, and operational work efficiency. However, the adoption rate of financial technology is still lagging below its potential. Therefore, there are gaps in the provision of financial services. Banks and financial institutions have learned that technology has the power to entitle current business conceptions rather than creating new business proposals themselves. However, the use of digital technologies to create new business opportunities and target underserved market niches is changing how financial technology companies are seen. FinTech is the term used to describe the proper application of financial technology to the delivery of new financial services and products to untapped market segments in a way that is both moral and effective. From a business model perspective, the financial technology sector is made up of technology companies that either work with well-established banks and financial institutions to offer essential customer and market data or strive to do away with intermediaries altogether. FinTech is attracting and increasing interest from investors, regulators, payment banks, NBFCs, traditional banks, payment service providers, broking and wealth management firms, insurance firms, and pure-play FinTech operators, to name a few of the sector's major players in India's financial services. The goal of this study is to discuss the various facets of fintech in India.