Exploring Explainable AI in the Financial Sector

Authors Ouren Kuiper , Martin van den Berg , Joost van der Burgt , Stefan Leijnen
Published in ArXiv.org Computer Science > Artificial Intelligence
Publication date 3 November 2021
Research groups Artificial Intelligence
Type Lecture

Summary

Explainable artificial intelligence (xAI) is seen as a solution to making AI systems less of a “black box”. It is essential to ensure transparency, fairness, and accountability – which are especially paramount in the financial sector. The aim of this study was a preliminary investigation of the perspectives of supervi-sory authorities and regulated entities regarding the application of xAI in the fi-nancial sector. Three use cases (consumer credit, credit risk, and anti-money laundering) were examined using semi-structured interviews at three banks and two supervisory authorities in the Netherlands. We found that for the investigated use cases a disparity exists between supervisory authorities and banks regarding the desired scope of explainability of AI systems. We argue that the financial sector could benefit from clear differentiation between technical AI (model) ex-plainability requirements and explainability requirements of the broader AI sys-tem in relation to applicable laws and regulations.

researchcomponents.publicationcontent.personslist.publicationauthors

Language English
Published in ArXiv.org Computer Science > Artificial Intelligence
Key words Explainable AI, Artificial Intelligence, Financial Sector.

Ouren Kuiper

Ouren Kuiper

Ouren Kuiper

  • Researcher
  • Research group: Artificial Intelligence