Insights Into Incorporating Trustworthiness and Ethics in AI Systems With Explainable AI

Over the past seven decades since the advent of artificial intelligence (AI) technology, researchers have demonstrated and deployed systems incorporating AI in various domains. The absence of model explainability in critical systems such as medical AI and credit risk assessment among others has led to neglect of key ethical and professional principles which can cause considerable harm. With explainability methods, developers can check their models beyond mere performance and identify errors. This leads to increased efficiency in time and reduces development costs. The article summarizes that steering the traditional AI systems toward responsible AI engineering can address concerns raised in the deployment of AI systems and mitigate them by incorporating explainable AI methods. Finally, the article concludes with the societal benefits of the futuristic AI systems and the market shares for revenue generation possible through the deployment of trustworthy and ethical AI systems.