Whitepaper: The use of AI is on the rise in the financial sector. Utilizing machine learning algorithms to make decisions and predictions based on the available data can be highly valuable. AI offers benefits to both financial service providers and its customers by improving service and reducing costs. Examples of AI use cases in the financial sector are: identity verification in client onboarding, transaction data analysis, fraud detection in claims management, anti-money laundering monitoring, price differentiation in car insurance, automated analysis of legal documents, and the processing of loan applications.
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This white paper is the result of a research project by Hogeschool Utrecht, Floryn, Researchable, and De Volksbank in the period November 2021-November 2022. The research project was a KIEM project1 granted by the Taskforce for Applied Research SIA. The goal of the research project was to identify the aspects that play a role in the implementation of the explainability of artificial intelligence (AI) systems in the Dutch financial sector. In this white paper, we present a checklist of the aspects that we derived from this research. The checklist contains checkpoints and related questions that need consideration to make explainability-related choices in different stages of the AI lifecycle. The goal of the checklist is to give designers and developers of AI systems a tool to ensure the AI system will give proper and meaningful explanations to each stakeholder.
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Explainable artificial intelligence (xAI) is seen as a solution to making AI systems less of a “black box”. It is essential to ensure transparency, fairness, and accountability – which are especially paramount in the financial sector. The aim of this study was a preliminary investigation of the perspectives of supervisory authorities and regulated entities regarding the application of xAI in the financial sector. Three use cases (consumer credit, credit risk, and anti-money laundering) were examined using semi-structured interviews at three banks and two supervisory authorities in the Netherlands. We found that for the investigated use cases a disparity exists between supervisory authorities and banks regarding the desired scope of explainability of AI systems. We argue that the financial sector could benefit from clear differentiation between technical AI (model) explainability requirements and explainability requirements of the broader AI system in relation to applicable laws and regulations.
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The focus of this project is on improving the resilience of hospitality Small and Medium Enterprises (SMEs) by enabling them to take advantage of digitalization tools and data analytics in particular. Hospitality SMEs play an important role in their local community but are vulnerable to shifts in demand. Due to a lack of resources (time, finance, and sometimes knowledge), they do not have sufficient access to data analytics tools that are typically available to larger organizations. The purpose of this project is therefore to develop a prototype infrastructure or ecosystem showcasing how Dutch hospitality SMEs can develop their data analytic capability in such a way that they increase their resilience to shifts in demand. The one year exploration period will be used to assess the feasibility of such an infrastructure and will address technological aspects (e.g. kind of technological platform), process aspects (e.g. prerequisites for collaboration such as confidentiality and safety of data), knowledge aspects (e.g. what knowledge of data analytics do SMEs need and through what medium), and organizational aspects (what kind of cooperation form is necessary and how should it be financed).Societal issueIn the Netherlands, hospitality SMEs such as hotels play an important role in local communities, providing employment opportunities, supporting financially or otherwise local social activities and sports teams (Panteia, 2023). Nevertheless, due to their high fixed cost / low variable business model, hospitality SMEs are vulnerable to shifts in consumer demand (Kokkinou, Mitas, et al., 2023; Koninklijke Horeca Nederland, 2023). This risk could be partially mitigated by using data analytics, to gain visibility over demand, and make data-driven decisions regarding allocation of marketing resources, pricing, procurement, etc…. However, this requires investments in technology, processes, and training that are oftentimes (financially) inaccessible to these small SMEs.Benefit for societyThe proposed study touches upon several key enabling technologies First, key enabling technology participation and co-creation lies at the center of this proposal. The premise is that regional hospitality SMEs can achieve more by combining their knowledge and resources. The proposed project therefore aims to give diverse stakeholders the means and opportunity to collaborate, learn from each other, and work together on a prototype collaboration. The proposed study thereby also contributes to developing knowledge with and for entrepreneurs and to digitalization of the tourism and hospitality sector.Collaborative partnersHZ University of Applied Sciences, Hotel Hulst, Hotel/Restaurant de Belgische Loodsensociëteit, Hotel Zilt, DM Hotels, Hotel Charley's, Juyo Analytics, Impuls Zeeland.
This project aims to develop a measurement tool to assess the inclusivity of experiences for people with varying challenges and capabilities on the auditory spectrum. In doing so, we performed an in-depth exploration of scientific literature and findings from previous projects by Joint Projects. Based on this, we developed an initial conceptual model that focuses on sensory perception, emotion, cognition, and e[ort in relation to hearing and fatigue. Within, this model a visitor attraction is seen as an “experienscape” with four key elements: content, medium, context, and individual. In co-creative interviews with experts by experience with varying challenges on the auditory spectrum, they provided valuable insights that led to a significant expansion of this initial model. This was a relevant step, as in the scientific and professional literature, little is known about the leisure experiences of people with troubled hearing. For example, personal factors such as a person’s attitude toward their own hearing loss and the social dynamics within their group turned out to greatly influence the experience. The revised model was then applied in a case study at Apenheul, focusing on studying differences in experience of their gorilla presentation amongst people with varying challenges on the auditory spectrum.Societal issueThe Netherlands is one of the countries in Europe with the highest density of visitor attractions. Despite this abundance, many visitor attractions are not fully accessible to everyone, particularly to visitors with disabilities who sometimes are not eligible to ride due to safety concerns, yet when eligible generally still encounter numerous barriers. Accessibility of visitor attractions can be approached in various ways. However, because the focus often lies on operational and technical aspects (e.g., reducing stimuli at certain times of the day by turning o[ music, o[ering alternative wheelchair entrances), strategic and community-focused approaches are often overlooked. More importantly, there is also a lack of attention to the experience of visitors with disabilities. This becomes apparent from several studies from Joint Projects, where visitor attractions are being visited together with experts by experience with various disabilities. Nevertheless, experience is often being regarded as the 'core product' of the leisure sector. The right to meet, discover, develop, relax and thus enjoy this core product is hindered for many people with disabilities due to a lack of knowledge, inaccessibility (physical, digital, social, communicative as well as financial) and discrimination in society. Additionally, recreation entrepreneurs still face a significant gap in reaching the potential market of guests with disabilities and their networks. Thus, despite the numerous initiatives in the leisure sector aimed at improving accessibility on technical and operational fronts, often people with disabilities are still not being able to experience the same kind of enjoyment as those without. These observations form the pressing impetus for initiating the current research project, tapping into the numerous opportunities for learning, development and growth on making leisure offer more inclusive.Benefit to societyIn total, the current project approach comes with a number of enrichments in terms of both knowledge and methodology: a mixed-methods approach that allows for comparing data from different sources to obtain a more complete picture of the experience; a methodological co-design process that honours the 'nothing about us without us' principle; and benchmarking for a group (i.e., people with challenges on the auditory spectrum) that despite the size of its population has thus far mostly been overlooked.
Crowdfunding campaigns have empowered countless innovative projects and made funding accessible to a large pool of makers and citizens. Recently, traditional funding bodies such as foundations, provinces and municipalities have acknowledged the potential of crowdfunding to approximate institutional decision-making to citizens, by engaging with the “crowd’s” preferences and further stimulating public and private funding through matchfunding. Matchfunding – the financial contribution of traditional funding bodies to crowdfunding campaigns – is an emerging form of co-funding that has the potential to foster a more inclusive and democratic society. Yet, given its novelty, little is known about how matchfunding works, and how it can be transformed into an efficacious tool that supports project creators and policymakers to develop impactful projects. Looking at the creative industries, one of the most prolific fields in crowdfunding, this project aims to provide this knowledge by: (1) gaining insight into the democratizing potential and best-practices of matchfunding in the creative industries by comparing analysing the extensive databases of crowdfunding and matchfunding pioneer voordekunst and matchfunding partners Kunstloc Brabant and Gemeente Rotterdam, and by conducting interviews with matchfunding parners to gain insight into their challenges and experiences; (2) deepening and sharing findings in Impact-Driven Workshops, which serve to exchange knowledge with and between matchfunding partners, and gain further insights into their motives and best practices. Based on the outcomes of (1) and (2), we develop (3) an online Matchfunding Toolkit, geared towards matchfunding partners, as well as to creators, freelancers and SMEs (potentially) using matchfunding for their projects. Finally, (4) we will disseminate this knowledge to other funding bodies and organisations within and outside of the creative industries by connecting partners and stakeholders in a Dissemination Event. This results in a lasting knowledge hub and network geared to supporting creators, SMEs and freelancers in search of funding.
