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Artificial Intelligence: Explaining the Explainability

AI empowers banks to provide individualized, frictionless customer experiences, drive customer loyalty and profitability, and automate processes.

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Video, July 11, 2020

Extracting Explainable Value from Artificial Intelligence

The latest Economist Intelligence Unit (EIU) report: ‘Overseeing AI: Governing artificial intelligence in banking’ sponsored by Temenos, takes a deep dive into the complex world of Artificial Intelligence (AI). Like many new technologies before it, AI is still at the stage where it has to prove itself to be useful to bank customers. There is still healthy scepticism in the minds of customers around the use of AI by banks, and it will take time for that to be broken down.

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Will Banks Have to Regulate the Speed at Which AI Spreads Through Their Systems?

The report says that the guidance that regulators have offered so far can be described as “light touch”, taking the form of information and recommendations rather than rules or standards. This is a potential minefield for banks which think AI is a type of wonder-solution. The report postulates that this 'light-touch' approach is to avoid drying up innovation. Another reason how AI will evolve. AI is still in its early years and not many vendors really understand its potential or likely direction. As the report points out, there is no single expert who can answer every query about how AI works.

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Banking is on the cusp of an explainable AI revolution – Finextra

The latest survey on AI from Microsoft and EY found that an unsurprising “65% of organisations in Europe expect AI to have a high or a very high impact on the core business.”

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Artificial Intelligence: Explaining the Explainability

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