AI-Powered Financial Services and Access in Saudi Arabia’s Fintech Sector: Advancing Vision 2030

Shahzeb Muhammad^1*, Ayyaz Mehmood Khan², and Muhammad Rizwan³

Abstract

Grounded into Innovation Diffusion Theory and Technology Acceptance Model, the purpose of this study was to evaluate the impact of AI-powered financial services on financial access in the Saudi Arabian fintech sector. To achieve this aim, the research employed SEM analysis on the collected data from 194 employees working in departments related to AI-based services, staff members of fintech firms, and owners of small enterprises using digital financial solutions in Riyadh, Jeddah, and Dammam. The results reveal that AI-based robo-advisory platforms, fraud detection, and credit scoring services significantly improved financial access, demonstrating that AI adoption can play a transformative role in promoting inclusion and reducing barriers for underserved populations. However, AI-based personalized banking solutions showed an insignificant impact, suggesting that while personalization may enhance satisfaction or loyalty, it does not directly translate into increased access. The findings highlight the need for a multi-stakeholder approach involving fintech firms, regulators, and policymakers to maximize benefits while mitigating risks. Future research should adopt longitudinal and mixed-method designs to explore emerging technologies such as blockchain-based identity verification, AI-driven insurance, and decentralized finance.

Keywords

Artificial Intelligence, Fintech, Financial Access, Saudi Arabia

Corresponding Author

Shahzeb Muhammad, Expert Strategic Planning in Digital, Data & AI Transformation, Saudi Arabia.

Citation

Muhammad, S., Khan, A. M., & Rizwan, M. (2025). AI-Powered Financial Services and Access in Saudi Arabia’s Fintech Sector: Advancing Vision 2030. Cognitive Computing & Extended Realities, 1(1), 01-20.