Abstract

Explainability in automated decision-making confirms transparency and trust among\nvarious stakeholders of the artificial intelligence (AI) ecosystem. The banking and finance\nsector (BFS) is the lifeline of an economy; the sector is experiencing massive technological\ndisruption and innovations. The adoption of new technologies such as explainable artificial\nintelligence (XAI) has promising features at various levels of decision-making in BFS. This\npaper contributes to elaborating the emerging paradigms of XAI and presents future research\ndirections in BFS. In conclusion, the paper recommends explainable, transparent, and\ntrustworthy AI models for a stable, healthy and contributory BFS.