Explainability Challenges Are a Growing Concern for Bank Governance of AI

Over the years, AI has transformed from a futuristic science fiction concept to a developed technology in everyday use with countless applications. Banks have actually engaged in AI-related practices for decades, but the dawn of generative AI, highlighted by ChatGPT and other large language models (LLMs) since November 2022, creates new challenges for the industry. This article outlines the history of AI in banking, how the increasing sophistication and power of AI is affecting the ability of…