This paper conceptualises the role of data science in increasing financial inclusion by juxtaposing the AI and ML capabilities of service providers with access to consumer data to create mutually beneficial services. Leveraging research on the co-creation of value in financial services, and its intersection with reciprocal big data value creation, we propose a conceptual model incorporating the respective roles of service provider and customer. In this model, data and technological elements are not simply implicit premises, but the essential components of the value co-creation process. We show that the adoption of data science techniques in value co-creation has enabled financial firms to address the pressing needs of underserved customer segments. Critically, we map the derived value to financial inclusion goals, providing insights and theoretical support for a future “citizen value” research agenda.
Xiong, Huanhuan; Carton, Fergal; and McCarthy, JB, "Data Science for Financial Inclusion: a value co-creation model for balanced benefits" (2022). PACIS 2022 Proceedings. 269.
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