From black box to open playbook: Bringing transparency to AI in banking

Imagine yourself as a Premier League manager staring down a penalty shootout. You know your players’ strengths and weaknesses; you’ve analysed countless hours of footage; and you have a carefully crafted strategy. But when the pressure mounts and the final whistle blows, you can’t explain to your team or fans why you chose a particular penalty taker.

Unfortunately, this can become a reality if banks utilise AI models that are not “explainable”. Opaque AI algorithms, while generating results, can keep their decision-making shrouded in secrecy, creating distrust, hindering compliance and ultimately limiting their true potential.