AI, Big data, Quantum Computing and Financial Exclusion: tempering enthusiasm and offering a human centric approach to policy.

Jones, Clare (2021). AI, Big data, Quantum Computing and Financial Exclusion: tempering enthusiasm and offering a human centric approach to policy. In: Lui, A and Ryder, N eds. FinTech, Artificial Intelligence and the law – the right balance of financial innovation and financial inclusion. Financial Crime Series. London: Routledge.

Abstract

The purpose of this chapter is to provide a critical review of financial exclusion which is made up of many different factors and to assess whether AI, and other innovative technologies could provide a possible solution. The chapter considers the ineffective regulation surrounding financial exclusion and proffers solutions to government and policy makers as to the unique position they are in to draft meaningful, human-centric, understandable and useable regulations to assist AI banking the unbanked within the UK. The chapter argues that financial exclusion will never be eradicated and that there is no one solution but if broken down into smaller manageable elements advances can be made. AI offers a possible solution if regulated in the right way.

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