Explainability in AI: The Missing Link in Digital Onboarding

By Ashutosh Prakash Singh, Co-Founder and CEO at RevRag.AI

People may not know what to do when they apply for a loan for the first time. When customers open a banking app, they are greeted by a lot of paperwork, numbers, and disclaimers. The Relationship Manager (RM), who used to help clients with these things, is not always available when you need them. Customers do not always have the time or knowledge to understand the terms, interest rates, and hidden fees of a loan. But banks want them to do the right thing. Technology can help fill this gap, but only if it is made with care.

The story of India’s digital finance has been incredible. In the last six years, there have been more than ₹12,00,000 crore in digital transactions, with more than ₹65,000 crore happening each year. India is the ...