ImpactAlpha, May 21 – Artificial intelligence has a big role to play in extending financial services to the next billion customers.

ImpactAlpha, May 21 – Artificial intelligence has a big role to play in extending financial services to the next billion customers. A wonky new report highlights financial service providers in Africa that are wielding AI to lower costs, boost revenues and gain a competitive edge with low-income populations. The report from FIBR, a partnership of BFA consulting and MasterCard Foundation, makes the case that automation, machine learning, statistics and programming can help providers "micro-segment" customers and suit services to their finances. Artificial intelligence algorithms are only as good as their data, notes the report from the consulting firm BFA. "More diverse individuals -- including women, for example, or individuals from under-represented groups -- may identify sources of bias inherent in the data and processes that might have been missed otherwise."