Explainable AI or XAI: the key to overcoming the accountability challenge

AI has become a key part of our day-to-day lives and business operations. A report from Microsoft and EY that analysed the outlook for AI in 2019 and beyond, stated that "65% of organisations in Europe expect AI to have a high or a very high impact on the core business." In the banking and financial industries alone, the potential that AI has to improve the customer experience is vast. Important decisions are already made by AI on credit risk, wealth management and even financial crime risk assessments. Other applications include robo-advisory, intelligent pricing, product recommendation, investment services and debt-collection.