A Comprehensive Review on Financial Explainable AI
This is an incremental review paper addressing transparency issues for stakeholders in the finance sector.
The paper tackles the problem of lack of explainability in deep learning models used in finance by providing a comparative survey of methods to improve explainability, categorizing them and reviewing challenges and future directions.
The success of artificial intelligence (AI), and deep learning models in particular, has led to their widespread adoption across various industries due to their ability to process huge amounts of data and learn complex patterns. However, due to their lack of explainability, there are significant concerns regarding their use in critical sectors, such as finance and healthcare, where decision-making transparency is of paramount importance. In this paper, we provide a comparative survey of methods that aim to improve the explainability of deep learning models within the context of finance. We categorize the collection of explainable AI methods according to their corresponding characteristics, and we review the concerns and challenges of adopting explainable AI methods, together with future directions we deemed appropriate and important.