For instance, when embedding artificial intelligence in financial solutions, the risk grows higher of a “black box”, where it is more and more difficult to trace and understand outcomes. Discrimination bias may occur and leave out customers, without even being detected as such. And big data never forgets: yet, financial inclusion means being sometimes able to overcome past conditions and give customers a “second chance”. In addition, digitalization of our economies also brings about a risk of digital divide between those who are at ease in a digital world and those who don’t understand it or don’t have access to it. This is a major issue for financial inclusion. When a bank or an insurer prioritizes access to its services via digital devices, those who don’t use those devices can be left out and become “second-class” clients. We must not overlook this. 3/ Fintech and financial inclusion: moving forward Faced by the new ways, the new challenges and the new risks that Fintechs are bringing to financial inclusion, how do we, at the Banque de France, adapt to the digital age and leverage digital tools, to further improve our policies and actions in favour of financial inclusion? The first way is by developing our understanding and use of new technologies: in addition to our Fintech unit at ACPR which I’ve mentioned, Banque de France has launched in June 2017 “Le Lab”.
Denis Beau: Financial inclusion in the digital age - how to make a difference? Panel opening talk by Mr Denis Beau, First Deputy Governor of the Bank of France, at the Singapore Fintech Festival 2019, Singapore, 13 November 2019. * * * Good afternoon Ladies and Gentlemen, I am very happy to be here with you today to introduce this session on financial inclusion and I would like to thank the MAS for offering me the opportunity to contribute to this conference. Inclusion is an essential topic for the financial sector, and more broadly for society as a whole. It’s essential because it’s about making sure everyone can have access to financial services. Because without this access, there is no or only limited ways for people to take part in the formal economy, to build up capital, to buy goods and services, to develop an entrepreneurial project. It is essential because it’s not just about more growth for the financial sector or  even for the economy as a whole, it’s also about reducing inequalities and making sure that more fragile populations,households and businesses, are not left out of economic development. Of course, Fintechs have a huge role to play in financial inclusion. They can provide new solutions, but they also raise new challenges, with new players entering the financial world and new ways of looking at customer relationships.