The world is witnessing a rapid transformation of the financial sector, driven by artificial intelligence (AI) and digital technologies. AI enables new ways of providing financial services to underserved and unbanked populations, especially in emerging markets. These people at the bottom of the pyramid (BOP) often lack access to formal financial institutions, credit, insurance, and savings. Here we’ll explain the AI revolution to help the BOP.
Fintech Leading the Way
One company leading the AI revolution at the BOP is Beem, a fintech startup offering a mobile app that connects users with a network of financial service providers. Beem leverages AI to analyze user data, such as spending patterns, income sources, and social media activity, to create a personalized financial profile for each user. Based on this profile, Beem offers tailored recommendations and solutions for the user’s financial needs, such as loans, savings, insurance, investments, and budgeting.
Beem’s AI-powered platform enables users to access financial services from various partners, such as banks, microfinance institutions, insurance companies, and e-commerce platforms. Users can easily compare and choose the best options and complete transactions seamlessly through the app. Beem also rewards users for their financial behavior, such as paying back loans on time, saving regularly, and referring friends.
Beem’s vision is to empower the BOP with financial inclusion and literacy and help them achieve their goals and aspirations. By using AI to provide personalized and affordable financial services, Beem is creating a positive social impact and improving the lives of millions of people.
How it Helps the Economy
Beem is not alone in this endeavor. Many other fintech startups, such as Tala, Branch, Jumo, and Kudaare using AI to reach the BOP market. These startups are disrupting the traditional financial sector and creating new opportunities for innovation and growth.
The AI revolution at the BOP benefits the users, the economy, and society. According to a McKinsey Global Institute report, digital finance could add $3.7 trillion to the GDP of emerging economies by 2025, create 95 million new jobs, and lift 1.6 billion people out of poverty. Moreover, digital finance could also contribute to the United Nations Sustainable Development Goals (SDGs), such as reducing inequality, promoting gender equality, and fostering inclusive growth.
The AI revolution at the BOP is just beginning. As technology advances and more data becomes available, AI can provide more accurate and customized financial services to the BOP users. As more users adopt digital finance, they will generate more data that can improve AI models and algorithms. This will create a virtuous cycle of innovation and impact.
AI Revolution
Beem is proud to be part of this AI revolution at the BOP. By combining AI with human empathy and creativity, Beem and others are creating a new paradigm of financial inclusion and empowerment. These AI-powered apps believe enabling access to quality financial services can help everyone achieve their dreams.
