Towards AI Dashboards in Financial Services: Design and Implementation of an AI Development Dashboard for Credit Assessment

Abstract

Financial institutions are increasingly turning to artificial intelligence (AI) to improve their decision-making processes and gain a competitive edge. Due to the iterative process of AI development, it is mandatory to have a structured process in place, from the design to the deployment of AI-based services in the finance industry. This process must include the required validation and coordination with regulatory authorities. An appropriate dashboard can help to shape and structure the process of model development, e.g., for credit assessment in the finance industry. In addition, the analysis of datasets must be included as an important part of the dashboard to understand the reasons for changes in model performance. Furthermore, a dashboard can undertake documentation tasks to make the process of model development traceable, explainable, and transparent, as required by regulatory authorities in the finance industry. This can offer a comprehensive solution for financial companies to optimize their models, improve regulatory compliance, and ultimately foster sustainable growth in an increasingly competitive market. In this study, we investigate the requirements and provide a prototypical dashboard to create, manage, compare, and validate AI models to be used in the credit assessment of private customers.