How ‘explainable’ AI is boosting trust within the financial sector

AI is certainly proving its value in the financial services industry, with applications ranging from identifying fraud and fighting financial crime, to supporting innovative new digital experiences for customers. However, the advance from traditional rule-based models into machine learning for decision-making is creating a new wrinkle for financial institutions. 

Without proper steps to ensure trust in decision-making with machine learning models, many organizations are unknowingly exposing themselves to reputational and financial risk. The use of “black box” AI without explainability and transparency leaves them without the ability to understand when things go wrong. It is equally important that AI is fair and unbiased, that it is not providing a systematic advantage to one group over others, especially in the context of sensitive attributes like age, gender, and ethnicity.

Source link