Digital transformation in financial services: Integrating AI, Fintech, and innovative solutions for SME growth and financial inclusion
DOI:
https://doi.org/10.51594/gjabr.v2i6.56Abstract
Digital transformation in financial services is revolutionizing the industry, integrating artificial intelligence (AI), fintech innovations, and other advanced technologies to foster financial inclusion and drive SME growth. This paper explores the transformative role of AI tools, such as predictive analytics and chatbots, in enhancing operational efficiency and customer experience while addressing ethical considerations. It highlights fintech innovations, including mobile payments, blockchain, and peer-to-peer lending, which bridge gaps in traditional banking and empower SMEs, especially in emerging markets. Furthermore, the paper examines how digital ecosystems and cloud-based financial tools enhance SME access to credit, streamline operations, and expand market opportunities. Challenges such as digital literacy gaps, infrastructure limitations, and regulatory concerns are discussed alongside mitigation strategies. Recommendations for policymakers, financial institutions, and SMEs emphasize the need for collaborative efforts to build an inclusive, resilient, and innovation-driven financial ecosystem that supports global economic growth.
Keywords: Digital Transformation, Financial Inclusion, Artificial Intelligence (AI), Fintech Innovations, SMEs Growth, Digital Ecosystems.
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Hope Ehiaghe Omokhoa, Chinekwu Somtochukwu Odionu, Chima Azubuike, Aumbur Kwaghter Sule
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
FE Gulf has chosen to apply for the Creative Common Attribution Noncommercial 4.0 Licence (CC BY) license on our published work. Authors who wish to publish their manuscript in our journal agree on the following terms:
1. Authors retain the copyright and grant us (FE Gulf and its subsidiary journals) the right for first publication with the work licensed under a Creative Commons Attribution (CC BY) License which permits others to share the work with an acknowledgment of the work’s authorship and initial publication in this journal. Under this license, author retains the ownership of the copyright of their content, but anyone is allowed to download, reuse, reprint, modify, distribute, and/or copy the contents as long as the original authors and source are cited. No permission is required from the publishers or authors.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal’s published version of the work (for example, publishing it as a book or submitting it to an institutional repository), with an acknowledgment of its initial publication in FE Gulf owned journals.
3. We encourage our authors/contributors to post their work online (such as posting it on their website or some institutional repositories) prior to and during the submission process since it produces scholarly exchange and greater and earlier citation of published work.
