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Explainable artificial intelligence (xAI) is seen as a solution to making AIsystems less of a black box. It is essential to ensure transparency, fairness,and accountability, which are especially paramount in the financial sector. Theaim of this study was a preliminary investigation of the perspectives ofsupervisory authorities and regulated entities regarding the application of xAIin the fi-nancial sector. Three use cases (consumer credit, credit risk, andanti-money laundering) were examined using semi-structured interviews at threebanks and two supervisory authorities in the Netherlands. We found that for theinvestigated use cases a disparity exists between supervisory authorities andbanks regarding the desired scope of explainability of AI systems. We arguethat the financial sector could benefit from clear differentiation betweentechnical AI (model) ex-plainability requirements and explainabilityrequirements of the broader AI system in relation to applicable laws andregulations.

Exploring Explainable AI in the Financial Sector: Perspectives of Banks and Supervisory Authorities