IBK Industrial Bank, Full-Scale Introduction of 'Explainable AI Technology' in Finance

Joint Research on XAI Technology through Industry-Academia Collaboration with KAIST... Potential Expansion to Various Financial Services

[Asia Economy Reporter Song Hwajeong] IBK Industrial Bank announced on the 28th that it has introduced explainable artificial intelligence (eXplainable AI, XAI) technology, which interprets AI technology, and developed a package that can be easily applied to various financial services.

Existing AI technology had difficulty explaining the reasons for the results due to complex processing procedures. This was evaluated as having lower fairness and reliability in fields requiring explanations, such as finance and healthcare. Since August last year, Industrial Bank has been conducting joint research on XAI technology in collaboration with the KAIST Explainable AI Research Center for about eight months.

The XAI model was developed with a focus on expansion into financial services and has the distinction of being easily applicable. In the future, when banks utilize AI in financial services, it will be possible to provide judgment grounds and accurate explanations, enabling the provision of more trustworthy AI financial services.

Industrial Bank plans to apply this XAI model to the existing corporate prediction model in operation and provide prediction results along with objective explanatory information to the sales field.

An Industrial Bank official said, "We expect the introduction of XAI technology to have a high effect on various financial tasks such as marketing, credit screening, and credit evaluation," adding, "We will achieve trustworthy financial innovation by utilizing this technology in the future."

This content was produced with the assistance of AI translation services.