As part of the AI for the Global Majority initiative, a research team working between Switzerland and India is investigating a deceptively simple question:
What do we actually mean when we talk about “AI” in financial services?
Led by Tanushree Kaushal, the project explores how artificial intelligence is being adopted in India’s rapidly evolving fintech sector, and what this means for consumers.
A technology everyone talks about, but few define
Artificial intelligence is now a central feature of financial innovation. From credit scoring to fraud detection, fintech companies increasingly rely on data-driven tools to assess risk and make decisions.
Yet as the research team quickly discovered, the term “AI” itself is far from clear.
During interviews with fintech actors and technology providers, respondents used the term to describe very different realities, ranging from advanced generative AI systems to more traditional machine learning tools.
This ambiguity is not merely semantic, as defining the term is crucial to understanding what 'AI deployment' means in financial services and to better grasp the specific challenges that arise from distinct types of AI and automation.
Mapping a rapidly evolving landscape
To better understand these dynamics, the team is conducting in-depth interviews with fintech actors across India and preparing a broader survey to map AI adoption in the sector.
Their goal is not only to identify where and how AI is being used, but also to distinguish between technological reality and narrative hype.
From microfinance to AI
The origins of the project lie in Tanushree Kaushal’s long-standing research on financial inclusion.
Having worked extensively on microfinance, she became increasingly interested in how digital technologies were reshaping financial services. More recently, she observed that references to AI were becoming ubiquitous in institutional and industry discourse.
This raised a key question:
How is AI actually being used in India's vast digital lending space and what are its implications for access, fairness, and risk?
India as a distinct AI ecosystem
The research also highlights the specific position of India in the global AI landscape.
Unlike Europe, where regulation often takes a precautionary approach, or China and the United States, which are leading the development of large-scale AI systems, India is emerging as a distinct model, balancing innovation and governance.
The country’s approach is often described as innovation-friendly, with efforts to enable technological development while addressing issues such as data privacy and localisation.
This makes India a particularly relevant case study, not only domestically, but also for other regions seeking to develop their own AI strategies.
A broader question
Beyond fintech, the project raises a fundamental issue:
how do we ensure that AI is not just widely adopted, but also properly understood?
If different actors operate with different definitions of AI, how can meaningful governance frameworks be developed?
Addressing these questions requires looking beyond technology itself, towards the ways it is interpreted, implemented, and experienced.
This is precisely where the team’s research turns next, an aspect we will explore in Part 2 of this series, coming soon.
About AI for the Global Majority
AI for the Global Majority (AI4GM) is a joint initiative of the Geneva Graduate Institute, Microsoft, and the International Telecommunication Union (ITU) dedicated to supporting innovative, evidence-based, and context-sensitive research on how artificial intelligence can benefit the world’s majority populations.
Bringing together interdisciplinary teams from across regions and sectors, the initiative explores practical pathways for more inclusive, responsible, and impactful AI in areas such as governance, education, health, finance, and digital innovation.
Selected teams will present their work in Geneva as part of the AI for Good Global Summit, contributing to international discussions on the future of AI and global development.