“If you look back over the last 20 years, technology has fundamentally reshaped nearly every industry — financial services included… Artificial intelligence is doing the same today. The difference is that banks don’t have the luxury of chasing trends or rolling out features for the sake of novelty. They operate under a mandate of trust,…
Tag: ai explainability
Unleashing the power of machine learning models in banking through explainable artificial intelligence (XAI)
“The emerging field of explainable AI (or XAI) can help banks navigate issues of transparency and trust, and provide greater clarity on their AI governance. XAI aims to make AI models more explainable, intuitive, and understandable to human users without sacrificing performance or prediction accuracy. Explainability is also becoming a more pressing concern for banking…
AI Presents New Risk Model for Banks
“Featurespace Product Manager Richard Graham told PYMNTS that model explainability is critical in financial services, and indeed any other vertical that relies on advanced technologies to reach everyday decisions that affects people’s daily lives. At a high level, model explainability is simply the concept of being able to understand what is happening as inputs are,…
Banks must be able to explain AI models – Brainard
“Banks must find ways around the ‘black box’ problem that affects many artificial intelligence-driven models, the Federal Reserve’s Lael Brainard says. The Fed governor told a virtual conference hosted by the central bank that supervisors would expect financial firms to be able to explain how their models are reaching certain results. Without this, it would…