Explainable AI: What It Means For Wealth Management Firms

March 22nd, 2024

With contributors:

David Hoffman , Brandon Purcell , Sohm Gough , Tiffany Do , Jen Barton

Summary

Explainable AI (XAI) promises to enhance a wealth manager’s customer experience and competitiveness through a broad range of applications: customer service, operations, risk management, and fraud detection. XAI’s appeal lies in its ability to offer trust, transparency, and explainability to “black box” AI systems. Prioritizing use cases for deploying this emerging technology is critical as it will serve as a gateway to broader adoption of effective AI systems at wealth management firms. This report outlines XAI’s impact on wealth management, its use cases, and strategies to avoid potential risks.

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