At a time when most conversations around artificial intelligence are centred on enterprise productivity and urban innovation, its real impact in India is unfolding far beyond metros, in the vast, diverse landscape of Bharat. For Dilip Modi, Founder and CEO of Spice Money, AI is not just about efficiency; it is about access, trust, and empowerment.
In an exclusive interaction with Express Computer, Modi explains the role of AI in revolutionising last-mile financial services, the role of AI in the concept of assisted fintech, and the role of AI in the concept of an inclusive digital economy.
Reimagining financial inclusion with the help of AI
While the primary role of AI is often considered to be about efficiency, the primary role of AI in India is about access. “Much of the AI conversation today is about efficiency, the real value of AI is about expanding access and building confidence in the use of digital financial services.”
According to Modi, the biggest challenge in the semi-urban and rural areas is not infrastructure; rather, the biggest challenge is about usability. “A lot of the work that AI is doing is about creating interfaces that are intuitive to the user, especially the first-time user. AI can do that through voice-based interfaces in vernacular languages.”
In addition to this, the role of AI is also about revolutionising the way in which credit is provided. “It can enable smarter underwriting by leveraging alternative data, helping extend formal credit to segments that have traditionally been excluded from the system,” he adds.
This marks a move away from standardised financial products towards more contextual, need-based offerings.
Turning last-mile agents into financial advisors
A defining strength of Spice Money’s model is its extensive Adhikari network, which acts as the last-mile bridge for financial services.
“At Spice Money, our 16 lakh-strong Adhikari network is the backbone of last-mile financial access, connecting millions of users in semi-urban and rural India to banking, payments, and insurance services,” says Modi
AI is now enhancing the capabilities of these entrepreneurs by equipping them with real-time, localised insights. “By analysing transaction patterns, local demand, and regional preferences, we provide Adhikaris with actionable, localised recommendations.”
These insights go beyond improving service delivery; they directly impact earning potential.
Over time, this is fundamentally changing their role. “In essence, AI is transforming these agents from mere transaction points into advisors and enablers for their communities,” says Modi.
From digitisation to intelligent guidance
The next phase of fintech evolution lies in moving from digitisation to intelligence. “The shift from digitisation to intelligent guidance is about turning data into simple, usable insights for the last mile.”
AI-led systems help bridge information gaps by making data actionable. Instead of relying on intuition alone, Adhikaris get prompts on what services are in demand, which customer segments to engage, and how needs are evolving within a specific geography.
What makes this effective is the simplicity of delivery. It processes complex data, breaking it down, and provides users with “straightforward, practical guidance”.
This is important as it helps the user, regardless of their tech savviness, make an informed decision based on the information provided.
Strengthening trust in assisted fintech
In low-trust, low-literacy markets, assisted fintech models have played a critical role in driving adoption. AI is now strengthening this foundation further.
“Assisted fintech works because it combines human trust with guided digital access, and AI is strengthening both sides of that equation,” points out Modi.
On the customer side, AI simplifies interactions – through voice-led interactions, vernacular prompts, and intuitive journeys that reduce reliance on text.
It also builds confidence through safeguards, enabling real-time validation, alerts, and guided steps, which minimise errors and build confidence for first-time users.
For Adhikaris, AI is a support system. “AI acts as a decision-support layer by providing contextual recommendations, risk checks, and fraud alerts,” he says.
This is a more seamless and trusted experience where technology complements, rather than overwhelms.
Responsible AI: Balancing scale with governance
Considering that the network is as extensive as Spice Money’s, data governance is an important factor. “Our approach starts with strong data governance. We collect only what is necessary, with clear consent and robust safeguards around privacy and security.”
Maintaining data quality and fairness is equally important. The company continuously monitors data quality, reduces bias, and ensures the integrity of AI models as they scale.
The system is also designed to improve continuously. “AI models are refined through a series of feedback loops to ensure insights remain relevant, unbiased, and scalable across geographies.” The balance of scale and responsibility will be what will sustain the system.
The road ahead: AI, fintech, and grassroots entrepreneurship
Looking to the future, Modi sees a great convergence that will determine the direction of India’s digital economy. “The convergence of AI, fintech, and grassroots entrepreneurship has the potential to redefine Bharat’s digital economy over the next five years.”
Each of these has a specific part to play in the system. AI is used as a source of intelligence, fintech as a source of infrastructure, and grassroots entrepreneurs as a source of trust. “Together, this creates a virtuous ecosystem where communities gain access to relevant financial services, entrepreneurs unlock new income opportunities, and the digital economy grows inclusively.”
For Spice Money, however, the focus is on enabling this ecosystem at scale. “We are building a foundation for inclusive growth, where innovation meets human-centric empowerment,” reminds Modi.
Conclusion
As India’s digital economy evolves, the conversation is moving from access to impact. AI is no longer just a buzzword. By embedding intelligence into last-mile networks and aligning technology with real-world needs, organisations like Spice Money are ensuring that the benefits of digital finance reach every corner of Bharat.