Even in 2025, basic banking access remains uneven. Globally, about 1.4 billion adults have no bank account. These “unbanked” individuals face multiple barriers. Some live in rural or underserved areas without nearby branches, making physical access difficult.
Many lack the documents or credit history traditional banks demand, effectively locking them out. Others simply don’t trust banks or find fees and minimum balances prohibitive.
Language and digital literacy gaps add another layer. Imagine navigating an online form that isn’t in your first language, or not knowing “is online banking safe” if you’ve never used a computer. All these factors – geography, documentation, distrust, and more – help explain why banking isn’t equally accessible today.
The encouraging news is that technology is quietly chipping away at these barriers. In particular, AI-powered banking agents are emerging as unsung heroes of financial inclusion. From smart chatbots to machine learning credit scorers, these tools are helping reach people once left out. They allow banking to meet customers where they are – linguistically, culturally, and even literally (on a basic mobile phone).
Banking, Anytime and Anywhere
One major advantage of AI and banking is the ability to serve customers anytime, anywhere – no branch visit required. Take Kasisto’s KAI platform as an example. KAI is a conversational AI assistant used by dozens of banks and credit unions to let customers bank via their smartphone or computer.
In fact, Kasisto has deployed KAI with 49 financial institutions (including many community banks), together serving over 50 million users. What does that mean on the ground? It means someone in a small town with no local branch can still check their balance, pay a bill, or get help at 2 AM by chatting with an AI agent on their phone.
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AI chatbots like KAI (and Erica, Bank of America’s virtual assistant) provide round-the-clock service, handling queries in seconds and guiding users through transactions with simple conversation. This 24/7, on-demand support lowers the barrier for people who can’t easily visit a bank during business hours.
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AI is also powering innovative mobile-first financial services that reach the historically unbanked. For instance, fintech company Tala offers micro-loans via a smartphone app with no formal paperwork. Using an AI model that analyzes phone data and behavior, Tala can instantly underwrite loans from as small as $10 up to a few hundred dollars – even if the borrower has no credit history.
All the borrower needs is a mobile phone. By harnessing AI to evaluate risk, Tala enables entrepreneurs and families in remote areas to get funding without ever visiting a bank branch.
Language and Literacy No Longer a Barrier
Traditionally, banking has often been an intimidating world of jargon and forms – a hurdle for those with limited literacy or who aren’t fluent in the dominant language. AI agents are helping to change that.
Conversational AI interfaces use natural, everyday language, making interactions more human and accessible. They can also be multilingual. A great example is HDFC Bank’s chatbot “Eva” in India. Eva lets users switch the chat to Hindi (a language spoken by hundreds of millions) and even supports voice queries for those who prefer speaking to typing.
In other words, a customer who isn’t comfortable reading English or navigating complex menus can simply ask a question out loud in Hindi and get an instant answer. The chatbot uses AI to understand the intent and respond in plain language.
In the U.S. and elsewhere, banks are deploying virtual assistants that converse in Spanish and other languages common in their communities. These bots never get impatient or judgemental, which helps users who may feel embarrassed asking “basic” questions.
Rethinking Credit with Alternative Data
A significant hurdle in financial inclusion is access to credit. Generally, banks depend on formal credit ratings and financial records to authorize loans or credit cards. However, if you have never opened a bank account or taken out a loan, you won’t possess a credit file – a typical “chicken-and-egg” dilemma.
AI is helping to solve this by rethinking how we assess creditworthiness. Instead of only looking at traditional data, AI-powered platforms can consider alternative data like rent and utility payments, mobile phone usage patterns, or even social network trust circles. This paints a fuller picture of a person’s reliability and ability to repay, beyond the old credit score.
Companies like Zest AI (formerly ZestFinance) and LenddoEFL are pioneers here.
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Zest AI’s machine learning models evaluate thousands of data points – far more than a typical credit bureau report – to better predict risk for those with “thin” files. Lenders using Zest’s AI underwriting have been able to safely approve more applicants that legacy models would have overlooked.
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LenddoEFL, on the other hand, grew out of research on using psychometrics and digital footprints for credit scoring. It has developed algorithms that crunch everything from smartphone metadata to how you answer quiz questions to gauge creditworthiness.
As one industry article noted, AI-driven alternative scoring is enabling micro-loan services like Tala and Lenddo to extend credit to people who otherwise “would not be able to access credit”. By recognizing responsible behavior that isn’t captured in a credit report – like paying your cell phone bill on time – these tools give lenders confidence to lend and borrowers a chance to build a financial track record.
Lower Costs = More People Served
In addition to breaking down qualitative barriers, AI agents are also attacking the cost barrier. Running a traditional bank with multiple brick-and-mortar branches, thick paperwork, and large staff is expensive – costs that often get passed to customers via fees or minimum balance requirements.
Digital banks and fintechs leverage AI and automation to dramatically lower operating costs, enabling them to serve many more people at little marginal cost.
How big is the difference? According to Bain & Company, a fully digital bank with a modern tech platform can have a cost base 60–70% lower than a traditional bank. That efficiency allows digital banking providers to waive many of the fees that used to be seen as unavoidable.
This is exactly the model adopted by new challenger banks like Chime in the U.S. and Nubank in Brazil.
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Chime is a mobile-only banking service that can offer no-fee checking accounts, no overdraft fees, and early access to paychecks – a stark contrast to the fee-heavy accounts at big banks. As a result, Chime has attracted over 8 million customers who were fed up with banking fees or previously underserved.
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Brazil’s Nubank, one of the world’s largest digital banks, similarly built its business on a no-fee credit card and a low-cost digital account to reach the underbanked. Nubank explicitly targets underbanked populations who lack access to traditional credit cards or loans, and has brought millions of new people into the financial system.
In short, when banking is affordable (or free) and easy to access from a $50 smartphone, it becomes viable for someone living paycheck to paycheck to maintain an account. This is a big win for financial inclusion.
Trust Is the Foundation, and AI Helps Build It
Building trust is just as important as breaking down barriers—especially for people new to AI and banking or from communities historically underserved by financial institutions.
Will my money be safe online? Will I get scammed? Knowing this, banks and fintechs are using AI to bolster security and reassure customers that yes, online banking can be safe if done right.
Take Mastercard’s Decision Intelligence system—an AI that analyzes 75+ billion transactions a year, spotting suspicious patterns and blocking fraudulent activity before it happens.
Mastercard reports that its AI-driven approach has cut false declines by 50%, while also helping catch billions of dollars worth of fraud. For a new customer, this kind of invisible guardian can make all the difference for building confidence in digital finance.
Better Onboarding with AI Identity Verification
Opening a bank account used to require in-person visits and piles of documents. Now, AI has changed that.
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How it works with tools like Vouched:
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Snap a photo of a government ID
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Take a quick selfie
AI matches the images, checks for authenticity, and verifies identity in less than 20 seconds
This process is:
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Fast and respectful for users
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Fully compliant with KYC (Know Your Customer) requirements
The bottom line is that security and trust enable inclusion. People are far more likely to try digital banking if they feel their money and identity are safe. AI tools – from intelligent fraud scoring to biometric logins and instant ID checks – create a secure environment that protects novice users.
When customers see they can open an account with dignity and know it’s protected behind the scenes, their trust in digital finance grows.
A Note on Inclusivity and Design
Finally, it’s worth emphasizing that technology alone isn’t a silver bullet; inclusive design matters greatly. To truly serve underserved populations, banks must design digital services with their realities in mind. That means accounting for things like slow internet, older devices, and lack of formal IDs.
Many low-income and rural users don’t have the latest iPhone on a 5G network – they might be using a five-year-old Android phone on a 3G or even 2G connection. (In India alone, an estimated 250–300 million people still rely on 2G networks for mobile service.) Forward-thinking providers optimize their apps and AI services to work in these constrained environments.
Inclusivity in design also means reimagining workflows for those who lack traditional documentation. Globally, over 850 million people have no official ID at all.
Banks and fintechs are adopting alternative identity verification methods — like biometrics and community references—to onboard users without heavy paperwork.
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Fingerprint or facial recognition, paired with liveness detection, helps verify identity even without an ID card.
Multilingual, accessible interfaces with clear visuals and simple language make apps easier to use, especially when offered in the community's preferred languages.
Providers like Vouched are helping make identity verification more inclusive, supporting a wide range of government IDs so that recent immigrants or foreign students can use their existing documents.
They’re also making the process mobile-first, recognizing that many unbanked users rely solely on smartphones.
By meeting people where they are — technologically and culturally — fintechs are turning inclusivity into action. Every design tweak, from handling slow networks to accepting unconventional IDs, helps someone open an account or apply for a loan.
Inclusivity isn’t just about language options; it’s about building the entire experience for real-world diversity.
Final Thought: AI Agents Aren’t Just Smarter — They’re More Inclusive
In the end, the rise of AI agents in banking isn’t just about making systems smarter or more efficient – it’s about making them more human and inclusive.
Financial inclusion is fundamentally about opportunity: a safe place to save, the chance to borrow to build a business or handle an emergency, the ability to send and receive money easily.
By thoughtfully deploying AI in banking, we have a chance to close that gap. When designed intentionally and responsibly, AI agents can help ensure that no one is left asking “Can I use this service?” in confusion or left outside the bank’s doors. Instead, people are finding that digital finance can welcome them in – on their own terms.
AI alone won’t solve every issue of equity – we must still address regulatory, educational, and infrastructural challenges – but it can be a powerful enabler.
By continuing to innovate with banking compliance and inclusion in mind, we move closer to a future where everyone is welcomed into the digital economy, no one is left behind, and the benefits of modern finance are truly universal.
To experience how Vouched simplifies identity verification and enhances security in the evolving financial landscape, request your personalized demo today!