“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…
Tag: black box
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…
Monitoring is critical to successful AI – TechCrunch
“The market for advanced technologies including AI and ML will continue its exponential growth, with market research firm IDC projecting that spending on AI systems will reach $98 billion in 2023, more than two and one-half times the $37.5 billion that was projected to be spent in 2019. Additionally, IDC foresees that retail and banking…
Google tackles the black box problem with Explainable AI
“But at an event in London this week, Google’s cloud computing division pitched a new facility that it hopes will give it the edge on Microsoft and Amazon, which dominate the sector. Its name: Explainable AI . ‘There’s a bit of an arms race around AI… and in some ways Google could be seen to…
Apple Card: Did AI Run Amok?
“Yes, when it comes to sophisticated algorithms and AI (Artificial Intelligence), even some of the world’s most valuable companies can get things wrong. What’s interesting is that one of the selling points of the Apple Card was that it would provide credit to those with little or no credit histories ‘Here’s the thing most people don’t…