Exploring the Role and Application of Artificial Intelligence and Machine Learning in Digital Financial Inclusion: Identifying Key Themes and Trends Through Bibliometric Analysis in the Era of the Digital Revolution and Technological Advancement
Exploring the Role and Application of Artificial Intelligence and Machine Learning in Digital Financial Inclusion: Identifying Key Themes and Trends Through Bibliometric Analysis in the Era of the Digital Revolution and Technological Advancement |
||
|
||
© 2024 by IJETT Journal | ||
Volume-72 Issue-7 |
||
Year of Publication : 2024 | ||
Author : Ahmed Nur Dirie |
||
DOI : 10.14445/22315381/IJETT-V72I7P129 |
How to Cite?
Ahmed Nur Dirie, "Exploring the Role and Application of Artificial Intelligence and Machine Learning in Digital Financial Inclusion: Identifying Key Themes and Trends Through Bibliometric Analysis in the Era of the Digital Revolution and Technological Advancement," International Journal of Engineering Trends and Technology, vol. 72, no. 7, pp. 266-277, 2024. Crossref, https://doi.org/10.14445/22315381/IJETT-V72I7P129
Abstract
This paper aims to conduct a comprehensive bibliometric review of the research landscape concerning Artificial Intelligence (AI) and Machine Learning (ML) applications in the financial sector, focusing on digital financial inclusion. To achieve this, articles indexed in Elsevier’s Scopus database were chosen over those in Web of Science (WOS) and Google Scholar to identify key research clusters. During the review, 6,642 articles were screened, resulting in 3,097 articles meeting the inclusion criteria. The analysis reveals that the number of publications in this field has grown exponentially in recent years, with "digital banking services" emerging as the most relevant source. Additionally, the analysis underscores the need for enhanced international collaboration in AI research for financial inclusion. Through co-citation and co-word analysis, the study identifies prominent scholars and key concepts in the field, offering valuable insights for future research directions. While this study provides valuable insights, limitations such as database selection and sample size are acknowledged, paving the way for future research improvements in this domain.
Keywords
Digital finance, Financial inclusion, Artificial intelligence, Machine learning, Bibliometric analysis, Citation analysis.
References
[1] Mohammad O. Al-Smadi, “Examining the Relationship between Digital Finance and Financial Inclusion: Evidence from MENA Countries,” Borsa Istanbul Review, vol. 23, no. 2, pp. 464-472, 2023.
[CrossRef] [Google Scholar] [Publisher Link]
[2] David Mhlanga, “Industry 4.0 in Finance: The Impact of Artificial Intelligence (AI) on Digital Financial Inclusion,” International Journal of Financial Studies, vol. 8, no. 3, pp. 1-14, 2020.
[CrossRef] [Google Scholar] [Publisher Link]
[3] Debidutta Pattnaik, Sougata Ray, and Raghu Raman, “Applications of Artificial Intelligence and Machine Learning in the Financial Services Industry: A Bibliometric Review,” Heliyon, vol. 10, no. 1, pp. 1-19, 2024.
[CrossRef] [Google Scholar] [Publisher Link]
[4] Feras Mi Alnaser et al., “Does Artificial Intelligence (AI) Boost Digital Banking User Satisfaction? Integration of Expectation Confirmation Model and Antecedents of Artificial Intelligence Enabled Digital Banking,” Heliyon, vol. 9, no. 8, pp. 1-13, 2023.
[CrossRef] [Google Scholar] [Publisher Link]
[5] Nir Kshetri, “The Role of Artificial Intelligence in Promoting Financial Inclusion in Developing Countries,” Journal of Global Information Technology Management, vol. 24, no. 1, pp. 1-6, 2021.
[CrossRef] [Google Scholar] [Publisher Link]
[6] Rockwell Anyoha, The History of Artificial Intelligence, Sitn Hms Harvard, 2017. [Online]. Available: https://sitn.hms.harvard.edu/flash/2017/history-artificial-intelligence/
[7] María-Jesús Gallego-Losada et al., “Digital Financial Inclusion. Visualizing the Academic Literature,” Research in International Business and Finance, vol. 64, pp. 1-15, 2023.
[CrossRef] [Google Scholar] [Publisher Link]
[8] Mohammad Asif et al., “The Impact of Fintech and Digital Financial Services on Financial Inclusion in India,” Journal of Risk and Financial Management, vol. 16, no. 2, pp. 1-12, 2023.
[CrossRef] [Google Scholar] [Publisher Link]
[9] Peterson K. Ozili, The Future of Financial Inclusion, Economic Inclusion in Post-Independence Africa, pp. 167-177, 2023.
[CrossRef] [Google Scholar] [Publisher Link]
[10] Polina Mamoshina et al., “Converging Blockchain and Next-Generation Artificial Intelligence Technologies to Decentralize and Accelerate Biomedical Research and Healthcare,” Oncotarget, vol. 9, no. 5, pp. 5665-5690, 2018.
[CrossRef] [Google Scholar] [Publisher Link]
[11] Mariyam Shareefa, and Visal Moosa, “The Most-Cited Educational Research Publications on Differentiated Instruction: A Bibliometric Analysis,” European Journal of Educational Research, vol. 9, no. 1, pp. 331-349, 2020.
[CrossRef] [Google Scholar] [Publisher Link]
[12] Ahmed Mohamed, Ahmad Zabidi Abdul Razak, and Zuraidah Abdullah, “Most-Cited Research Publications on Educational Leadership and Management: A Bibliometric Analysis,” International Online Journal of Educational Leadership, vol. 4, no. 2, pp. 33-50, 2020.
[Google Scholar] [Publisher Link]
[13] Ibrahim Hassan Mohamud, “A Bibliometric Analysis of Educational Research Publications on Lean Manufacturing: Identifying Key Themes and Trends,” Management Systems in Production Engineering, vol. 31, no. 4, pp. 418-426, 2023.
[CrossRef] [Google Scholar] [Publisher Link]
[14] John W. Goodell et al., “Artificial Intelligence and Machine Learning in Finance: Identifying Foundations, Themes, and Research Clusters from Bibliometric Analysis,” Journal of Behavioral and Experimental Finance, vol. 32, 2021.
[CrossRef] [Google Scholar] [Publisher Link]
[15] Gencay Tepe, Umut Burak Geyikci, and Fatih Mehmet Sancak, “FinTech Companies: A Bibliometric Analysis,” International Journal of Financial Studies, vol. 10, no. 1, pp. 1-17, 2022.
[CrossRef] [Google Scholar] [Publisher Link]
[16] Debidutta Pattnaik et al., “Investment in Gold: A Bibliometric Review and Agenda for Future Research,” Research in International Business and Finance, vol. 64, 2023.
[CrossRef] [Google Scholar] [Publisher Link]
[17] Rocío Maehara et al., “Predicting Financial Inclusion in Peru: Application of Machine Learning Algorithms,” Journal of Risk and Financial Management, vol. 17, no. 1, pp. 1-25, 2024.
[CrossRef] [Google Scholar] [Publisher Link]
[18] Dariusz Piotrowski, and Witold Orzeszko, “Artificial Intelligence and Customers’ Intention to Use Robo-Advisory in Banking Services,” Equilibrium. Quarterly Journal of Economics and Economic Policy, vol. 18, no. 4, pp. 967-1007, 2023.
[Google Scholar] [Publisher Link]
[19] Meng-Leong How et al., “Artificial Intelligence-Enhanced Predictive Insights for Advancing Financial Inclusion: A Human-Centric AI-Thinking Approach,” Big Data and Cognitive Computing, vol. 4, no. 2, pp. 1-21, 2020.
[CrossRef] [Google Scholar] [Publisher Link]
[20] David Mhlanga, “Financial Inclusion in Emerging Economies: The Application of Machine Learning and Artificial Intelligence in Credit Risk Assessment,” International Journal of Financial Studies, vol. 9, no. 3, pp. 1-16, 2021.
[CrossRef] [Google Scholar] [Publisher Link]
[21] Mustafa Pamuk, and Matthias Schumann, “Opening a New Era with Machine Learning in Financial Services? Forecasting Corporate Credit Ratings Based on Annual Financial Statements,” International Journal of Financial Studies, vol. 11, no. 3, pp. 1-20, 2023.
[CrossRef] [Google Scholar] [Publisher Link]
[22] Md Monzur Morshed, and Keshav Lall Maharjan, “Impact of Motivational Workshop on Financial Inclusion of Rural People in Bangladesh: Evidence from Randomized Controlled Trial,” International Journal of Financial Studies, vol. 11, no. 4, pp. 1-19, 2023.
[CrossRef] [Google Scholar] [Publisher Link]
[23] Kosmas Njanike, and Raphael T. Mpofu, “Factors Influencing Financial Inclusion for Social Inclusion in Selected African Countries,” Insight on Africa, vol. 16, no. 1, pp. 93-112, 2024.
[CrossRef] [Google Scholar] [Publisher Link]
[24] Xin Li et al., “Optimization of Digital Information Management of Financial Services Based on Artificial Intelligence in the Digital Financial Environment,” Journal of Organizational and End User Computing, vol. 35, no. 3, pp. 1-17, 2023.
[CrossRef] [Google Scholar] [Publisher Link]
[25] Mohd Afjal, “Bridging the Financial Divide: A Bibliometric Analysis on the Role of Digital Financial Services within Fintech in Enhancing Financial Inclusion and Economic Development,” Humanities and Social Sciences Communications, vol. 10, pp. 1-27, 2023.
[CrossRef] [Google Scholar] [Publisher Link]
[26] Ibrahim Niankara, and Rachidatou I. Traoret, “The Digital Payment-Financial Inclusion Nexus and Payment System Innovation within the Global Open Economy during the COVID-19 Pandemic,” Journal of Open Innovation: Technology, Market, and Complexity, vol. 9, no. 4, pp. 1-19, 2023.
[CrossRef] [Google Scholar] [Publisher Link]
[27] Tran Thi Kim Oanh, “Digital Financial Inclusion in the Context of Financial Development: Environmental Destruction or the Driving Force for Technological Advancement,” Borsa Istanbul Review, vol. 24, no. 2, pp. 292-303, 2024.
[CrossRef] [Google Scholar] [Publisher Link]
[28] Kemal Erkişi, and Semra Boğa, “Does Financial Inclusion Improve Income Equality? The Case of Türkiye,” Economics-Innovative and Economics Research Journal, vol. 11, no. 2, pp. 79-95, 2023.
[Google Scholar] [Publisher Link]
[29] Haruna Issahaku, Munira Alhassan Muhammed, and Benjamin Musah Abu, “A Count Model of Financial Inclusion in Ghana: Evidence from Living Standards Surveys,” Journal of Economics, Finance and Administrative Science, vol. 28, no. 56, pp. 303-318, 2023.
[CrossRef] [Google Scholar] [Publisher Link]
[30] Anas Iswanto Anwar et al., “The Impact of Socioeconomic Variables on Financial Inclusion in Asian Countries: A Comparative Study, 2010-2022,” Journal of Infrastructure, Policy and Development, vol. 8, no. 1, pp. 1-20, 2024.
[CrossRef] [Google Scholar] [Publisher Link]
[31] Raúl Jáuregui-Velarde et al., “Financial Revolution: A Systemic Analysis of Artificial Intelligence and Machine Learning in the Banking Sector,” International Journal of Electrical and Computer Engineering, vol. 14, no. 1, pp. 1079-1090, 2024.
[CrossRef] [Google Scholar] [Publisher Link]
[32] Hisham O. Mbaidin et al., “The Role of AI Integration and Governance Standards: Enhancing Financial Reporting Quality in Islamic Banking,” Decision Science Letters, vol. 13, pp. 83-98, 2024.
[CrossRef] [Google Scholar] [Publisher Link]
[33] Abdur Rahman Aleemi, Fatima Javaid, and Syed Sajid Hafeez, “Finclusion: The Nexus of Fintech and Financial Inclusion against Banks’ Market Power,” Heliyon, vol. 9, no. 12, pp. 1-20, 2023.
[CrossRef] [Google Scholar] [Publisher Link]
[34] Steven A. Morris, and Betsy Van der Veer Martens, “Mapping Research Specialties,” Annual Review of Information Science and Technology, vol. 42, no. 1, pp. 213-295, 2008.
[CrossRef] [Google Scholar] [Publisher Link]
[35] Kevin W. Boyack, Richard Klavans, and Katy Börner, “Mapping the Backbone of Science,” Scientometrics, vol. 64, no. 3, pp. 351-374, 2005.
[CrossRef] [Google Scholar] [Publisher Link]
[36] M.J. Cobo, and A.G. López-Herrera, “Science Mapping Software Tools: Review, Analysis, and Cooperative Study Among Tools,” Journal of the American Society for Information Science and Technology, vol. 62, no. 7, pp. 1382-1402, 2011.
[CrossRef] [Google Scholar] [Publisher Link]
[37] Neal Coulter, Ira Monarch, and Suresh Konda, “Software Engineering as Seen through its Research Literature: A Study in Co-Word Analysis,” Journal of the American Society for Information Science, vol. 49, no. 13, pp. 1206-1223, 1998.
[CrossRef] [Google Scholar] [Publisher Link]
[38] Katherine W. McCain, “Mapping Authors in Intellectual Space: A Technical Overview,” Journal of the American Society for Information Science, vol. 41, no. 6, pp. 433–443, 1990.
[CrossRef] [Google Scholar] [Publisher Link]
[39] Henry Small, “Co-Citation in the Scientific Literature: A New Measure of the Relationship between Two Documents,” Journal of the American Society for Information Science, vol. 24, no. 4, pp. 265-269, 1973.
[CrossRef] [Google Scholar] [Publisher Link]
[40] J. Sylvan Katz, and Ben R. Martin, “What is Research Collaboration?,” Research Policy, vol. 26, no. 1, pp. 1-18, 1997.
[CrossRef] [Google Scholar] [Publisher Link]
[41] Paul D. Ellis, “Market Orientation and Performance: A Meta-Analysis and Cross-National Comparisons,” Journal of Management Studies, vol. 43, no. 5, pp. 1089-1107, 2006.
[CrossRef] [Google Scholar] [Publisher Link]
[42] Michel Callon et al., “From Translations to Problematic Networks: An Introduction to Co-Word Analysis,” Social Science Information, vol. 22, no. 2, pp. 191-235, 1983.
[CrossRef] [Google Scholar] [Publisher Link]
[43] Nees van Eck, and Ludo Waltman, “Software Survey: VOSviewer, A Computer Program for Bibliometric Mapping,” Scientometrics, vol. 84, no. 2, pp. 523-538, 2010.
[CrossRef] [Google Scholar] [Publisher Link]
[44] Salman Bahoo, Ilan Alon, and Andrea Paltrinieri, “Sovereign Wealth Funds: Past, Present and Future,” International Review of Financial Analysis, vol. 67, 2020.
[CrossRef] [Google Scholar] [Publisher Link]
[45] Ivan Zupic, and Tomaž Čater, “Bibliometric Methods in Management and Organization,” Organizational Research Methods, vol. 18, no. 3, pp. 429-472, 2015.
[CrossRef] [Google Scholar] [Publisher Link]
[46] Pertti Vakkari, “Task-Based Information Searching,” Annual Review of Information Science and Technology, vol. 37, no. 1, pp. 413-464, 2003.
[CrossRef] [Google Scholar] [Publisher Link]