How AI Is Unlocking Financial Inclusion in Mexico

In recent years, artificial intelligence has shifted from a futuristic promise to a tangible tool transforming multiple sectors. One area where its impact is becoming increasingly visible — though still emerging — is financial inclusion. In a country like Mexico, where over 30% of the adult population lacks a bank account and millions rely exclusively on cash, AI presents a unique opportunity to break down long-standing barriers to accessing financial services, such as the lack of formal credit history, limited access to brick-and-mortar banks in rural areas, and low levels of financial literacy.

Unlike traditional approaches, AI allows for a more comprehensive understanding of users’ financial behavior, even in the absence of conventional credit history. By processing large volumes of unstructured data, such as spending patterns, recurring income, or use of digital services, AI-powered solutions can build more accurate and personalized risk profiles. This is particularly critical in Mexico, where labor informality exceeds 50% and a large portion of the economy operates outside the formal banking system.

Fintechs and neobanks have been the first to harness this technology to serve the underserved. Companies like Kueski, which offers short-term personal loans, use AI algorithms to assess a borrower’s likelihood of repayment within seconds, drawing from alternative data such as online behavior, geolocation, and mobile phone usage. This strategy has enabled them to offer credit to individuals traditionally rejected by formal financial institutions.

A compelling case is Stori, a fintech that issues credit cards to individuals with no prior credit history. Leveraging predictive models, Stori identifies patterns of financial responsibility beyond traditional credit bureau data. With a user-friendly interface and clear communication, the Stori app also addresses educational barriers while automating risk decisions that previously required manual review. This educational barrier refers to the lack of financial or digital literacy, which often results in individuals avoiding online banking apps, struggling to understand terms like APR or interest rates, or fearing that digital transactions are unsafe or irreversible. In Mexico, this is particularly relevant: individuals with lower education levels or limited digital experience may feel intimidated by automated processes or technical language. AI, when implemented with simple interfaces and accessible language, can help bridge this gap, fostering trust and wider adoption of digital financial services.

A further illustration of AI's impact on inclusion is LlaveCredit, a program developed by Finsus. Through this service, customers can receive early liquidity while selling a property. LlaveCredit uses artificial intelligence and machine learning algorithms to evaluate property characteristics, location, sales history, and local market trends. This enables the system to estimate the property's real value and expected time on the market, allowing Finsus to offer personalized financial solutions even to those without a traditional credit history. This initiative reflects how Mexican fintechs are leveraging advanced technology to serve historically excluded segments.

AI is also improving the interaction between users and financial service providers, helping to reshape how individuals engage with financial services. From real-time customer support to proactive risk management and hyper-personalized financial advice, AI-driven tools are enabling a more dynamic and accessible experience for users across different segments of the population. AI-powered virtual assistants can offer immediate, empathetic customer service in plain language, boosting user trust in digital products. Some fintechs have even started using AI to detect potential over-indebtedness in advance, sending personalized recommendations or temporarily restricting access to new loans before serious financial harm occurs.

The potential of AI to promote financial inclusion isn’t limited to startups. Some traditional financial institutions have also begun integrating these tools. BBVA Mexico, for example, has invested in AI models to predict customer attrition, personalize offers, and streamline digital onboarding processes. However, much of this innovation remains focused on already banked segments. The real challenge is extending these benefits to the base of the pyramid.

Data access is another key factor in this equation. AI needs reliable information to function effectively. In this regard, the development of an open banking ecosystem in Mexico could serve as a powerful catalyst. If users could securely share their financial data across institutions, AI could generate more robust and equitable models capable of evaluating individuals currently outside the formal system.

In this context, a new generation of tools is also emerging, such as Palenca: a platform for income verification that enables gig workers to digitally share their earnings history. Enabled by APIs and powered by AI, these tools pave the way for financial products tailored to the new world of work.

Of course, there are risks. While AI brings remarkable potential for improving access, it also introduces serious concerns that must not be overlooked. Algorithmic opacity, the potential for bias, and a lack of clear regulations surrounding data usage are all urgent issues. Financial inclusion cannot come at the expense of user rights. Therefore, it is critical to establish ethical and transparent frameworks in the design and deployment of AI.

Mexico faces a clear challenge: to harness the power of AI to accelerate financial inclusion, while upholding user protection and equitable access. This will require close collaboration among government, financial institutions, fintechs, and civil society; as well as meaningful investments in digital connectivity, financial education, and user-centered design.

Artificial intelligence is no magic wand, but if implemented thoughtfully, it can dramatically expand financial access. As noted earlier, over 30% of Mexican adults remain unbanked, and AI-enabled tools, like those from Stori, Kueski, and Finsus, have already shown how technology can leapfrog traditional barriers and bring tailored financial products to underserved users. It can become the bridge that connects millions of Mexicans to a more just, accessible, and efficient financial system. In a country where financial inclusion remains an unmet goal, AI represents an opportunity we simply cannot afford to miss.