Banks look at 'explainable' AI systems to boost consumer trust - Roll Call

Banks and other financial firms are investing in "explainable" artificial intelligence that lets auditors and analysts trace how decisions about loans and other services are made by financial technologies, experts say. The increasing use of software with AI capabilities such as machine learning and data mining has automated banking operations, increasing efficiency and providing more services. But privacy and civil liberties groups contend that has come at a cost, with bias in the AI systems' algorithms leading to discrimination in the form of loans or other services denied based on sex or ethnicity. This perception of algorithmic bias is a big problem for banks, which are investing in technical solutions to solve the problem, Moutusi Sau, an analyst at research and advisory company Gartner Inc., told CQ Roll Call. That issue is known as the black box problem with AI systems: software decision-making processes that often are opaque to humans, making it difficult or impossible to determine how a decision was made.