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A Comprehensive Review on Financial Explainable AI

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  • Wei Jie Yeo
  • Wihan van der Heever
  • Rui Mao
  • Erik Cambria
  • Ranjan Satapathy
  • Gianmarco Mengaldo

Abstract

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.

Suggested Citation

  • Wei Jie Yeo & Wihan van der Heever & Rui Mao & Erik Cambria & Ranjan Satapathy & Gianmarco Mengaldo, 2023. "A Comprehensive Review on Financial Explainable AI," Papers 2309.11960, arXiv.org.
    • Handle: RePEc:arx:papers:2309.11960
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    References listed on IDEAS

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