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Low Adoption Rate for Explainable AI in Financial Services Expected to Grow

December 2, 2021

In his most recent CMSWire piece, Phil Britt summarizes the predictions Moutusi Sau, analyst and vice president of Gartner, has for Explainable AI (XAI) in financial services. He anticipates the adoption of Explainable AI will drive the incorporation of AI systems from the current rate of 30% to approximately 50%. Sau believes this growth will be due to increased understanding of how AI models make decisions. 
The slow adoption of explainable AI in financial services is nothing new. Historically, this industry was apprehensive to integrate the internet, mobile services, and other technological advancements because of their dependency on legacy infrastructure. Additionally, as a highly regulated industry, they had to consider the implications regulations may have on new technologies. Yet, as the demand for regulations continues to evolve, enterprises are beginning to see the value of more transparent models. However, organizations may be careful not to oversell what explainable AI can offer. Explainability alone will not be enough to make AI systems understandable to all stakeholders, but is an important step along the journey.

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