3 Ways To Effectively Demystify The AI Black Box - AI Summary

Artificial intelligence has demonstrated immense promise when applying machine learning to support the overall processing of large datasets, particularly in the banking and financial services industry. Sixty percent of financial services companies have implemented at least one form of AI, ranging from virtual assistants communicating with customers and the automation of workflows to managing fraud and network security. This largely stems from lack of understanding of how the system works and a continual concern around opacity, unfair discrimination, ethics and dangers to privacy and autonomy. These biases can create increased consumer friction, poor customer service, fewer sales and revenue, unfair or illegal behaviors, and potential discrimination. Achieving trustworthy AI requires close examination and the ability to identify what factors contribute to each bias to make a more informed decision about what actions should be taken after identification.