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The essential role of #ai in #banking holds promise for efficiency, but faces challenges like the opaque "black box" issue, hindering #fairness and #transparency in #decisionmaking #algorithms. Substituting AI with Explainable AI (#xai) can mitigate this problem, ensuring #accountability and #ethical standards. Research on XAI in finance is extensive but often limited to specific cases like #frauddetection and credit #riskassessment.

"Social and regulatory attention has been using fairness and equity as a lens to evaluate the outcomes of existing processes like insurance underwriting. For example, a new law in Colorado, which will come into effect at the beginning of 2023, will require insurers to provide analytical evidence that their operational processes that use inputs of consumer data and predictive models do not result in unfair discrimination against certain consumer groups. Credit-based insurance scores (hereinafter referred to as insurance risk scores) are one example of the inputs used in these operational processes"