This episode of Fintech for the People is focused on the critical research around risks and bias in AI, explaining the importance of equitable AI and its impact on the financial ecosystem. Our guest, Alexandra Rizzi, Senior Research Director at the Center for Financial Inclusion, shares insights about various challenges, including bias and contextual differences, emphasizing the need for inclusive outcomes in financial decision-making processes. She highlights scenarios where seemingly neutral AI models may inadvertently perpetuate biases, underscoring the importance of understanding the context and nuances of different markets.

Exploring mitigation strategies, Alexandra Rizzi outlines a three-step approach focusing on understanding AI usage, identifying biases, and evaluating outcomes. She emphasizes the need for
ongoing monitoring and governance mechanisms to address harmful biases effectively. Moreover, Alexandra sheds light on collaborative efforts involving stakeholders such as investors, operators, and regulators in refining ethical AI practices.

To learn more about the Center for Financial Inclusion, visit their website and download their report on Equitable AI for Inclusive Finance. And learn more about Accion Venture Lab on LinkedIn and X (Twitter).

In this episode of Fintech for the People, Amee Parbhoo, Managing Partner at Accion Venture Lab, sets the stage for a deep dive into four key areas where AI can empower fintech companies to expand the reach and effectiveness of financial services to underserved populations: compliance, credit decisioning, customer engagement, and workflow optimization.

Starting with compliance, Amee discusses how AI streamlines customer screening and KYC compliance for thin-file or no-file customers with Ashok Hariharan, CEO of IDfy. Next Amee interviews Benjamin Njenga, Co-founder and Chief Customer Officer of Apollo Agriculture, who shares the insights on implementing AI in credit decisioning and underwriting for smallholder farmers in Africa. Later, Ananth Gudipati, Founder of Sukhiba, joins to discuss AI's role in customer engagement, particularly using conversational commerce for small retailers and wholesalers in Africa. Lastly, Amee Parbhoo talks to Nicolas Yepes, Co-founder and COO of Moffin, offers perspectives on using AI to optimize backend workflows for financial institutions.

00:00 – 13:40 – Ashok Hariharan, CEO of IDfy

13:40 – 24:30 - Benjamin Njenga, Co-founder and Chief Customer Officer of Apollo Agriculture

24:30 – 36:40 Ananth Gudipati, Founder of Sukhiba

36:42 – 44:25 Nicolas Yepes, Co-founder and COO of Moffin

To learn more about IDfy, Apollo, Sukhiba, Moffin, please check their websites.

And learn more about Accion Venture Lab on LinkedIn and X (Twitter).

In this episode of Fintech for the People, host Amee Parbhoo, Managing Partner at Accion Venture Lab, speaks to Jimena Pardo and Federico Antoni from Hi Ventures about the transformative role of AI in fintech. They explore the potential for AI to revolutionize financial services by streamlining operations for fintech companies, improving credit scoring, detecting fraud, and fostering financial inclusion.

Jimena and Federico share insights into their commitment to ethical AI implementation and the importance of minimizing biases in fintech solutions. They discuss Hi Ventures' dedication to empowering startups and driving positive change in the financial sector.

To learn more about Hi Ventures, visit their website. Learn more about Accion Venture Lab here and follow us on LinkedIn and X (Twitter).