Abstract
This is a comprehensive survey of the applications of causal inference in the Banking, Financial Services and Insurance (BFSI) domain based on 45 papers published from 1992 to 2023. It categorizes papers into (i) Banking and risk management (ii) Finance (covering investment, asset and portfolio management; behavioral finance and time series), (iii) Financial markets and (iv) Insurance. Exploring methods such as Bayesian Causal Network, Granger Causality, and counterfactuals, the article emphasizes significance of causal inference in explaining predictions of AI/ML models. This survey also recommends promising future research directions in the intersection of causal inference and these domains making it helpful for the professionals working therein.
