# FinGPT: Open-Source Financial Large Language Models

arXiv: https://arxiv.org/abs/2306.06031 · HTML: https://mlsanity.com/paper/2306.06031/

## Key facts

- Cited by 253 papers in the map (data through 14 Oct 2026).
- Builds on 15 of its 30 references that are in the map.
- First posted on arXiv 9 Jun 2023.

## Builds on (most cited first, 15 of 15)

- [Attention Is All You Need](https://mlsanity.com/paper/1706.03762/) (2017)
- [BERT: Pre-training of Deep Bidirectional Transformers for Language Understanding](https://mlsanity.com/paper/1810.04805/) (2018)
- [Language Models are Few-Shot Learners](https://mlsanity.com/paper/2005.14165/) (2020)
- [Training language models to follow instructions with human feedback](https://mlsanity.com/paper/2203.02155/) (2022)
- [LoRA: Low-Rank Adaptation of Large Language Models](https://mlsanity.com/paper/2106.09685/) (2021)
- [BART: Denoising Sequence-to-Sequence Pre-training for Natural Language Generation, Translation, and Comprehension](https://mlsanity.com/paper/1910.13461/) (2019)
- [QLoRA: Efficient Finetuning of Quantized LLMs](https://mlsanity.com/paper/2305.14314/) (2023)
- [LaMDA: Language Models for Dialog Applications](https://mlsanity.com/paper/2201.08239/) (2022)
- [BloombergGPT: A Large Language Model for Finance](https://mlsanity.com/paper/2303.17564/) (2023)
- [How Contextual are Contextualized Word Representations? Comparing the Geometry of BERT, ELMo, and GPT-2 Embeddings](https://mlsanity.com/paper/1909.00512/) (2019)
- [FinQA: A Dataset of Numerical Reasoning over Financial Data](https://mlsanity.com/paper/2109.00122/) (2021)
- [FinBERT: Financial Sentiment Analysis with Pre-trained Language Models](https://mlsanity.com/paper/1908.10063/) (2019)
- [WHEN FLUE MEETS FLANG: Benchmarks and Large Pre-trained Language Model for Financial Domain](https://mlsanity.com/paper/2211.00083/) (2022)
- [FinRL: Deep Reinforcement Learning Framework to Automate Trading in Quantitative Finance](https://mlsanity.com/paper/2111.09395/) (2021)
- [PLATO-XL: Exploring the Large-scale Pre-training of Dialogue Generation](https://mlsanity.com/paper/2109.09519/) (2021)

## Built on by (most cited first, 30 of 253)

- [MathVista: Evaluating Mathematical Reasoning of Foundation Models in Visual Contexts](https://mlsanity.com/paper/2310.02255/) (2023)
- [A Comprehensive Overview of Large Language Models](https://mlsanity.com/paper/2307.06435/) (2023)
- [Large Language Models in Finance: A Survey](https://mlsanity.com/paper/2311.10723/) (2023)
- [MetaTool Benchmark for Large Language Models: Deciding Whether to Use Tools and Which to Use](https://mlsanity.com/paper/2310.03128/) (2023)
- [Recommender Systems in the Era of Large Language Models (LLMs)](https://mlsanity.com/paper/2307.02046/) (2023)
- [Fine-Tuning or Retrieval? Comparing Knowledge Injection in LLMs](https://mlsanity.com/paper/2312.05934/) (2023)
- [FinMem: A Performance-Enhanced LLM Trading Agent with Layered Memory and Character Design](https://mlsanity.com/paper/2311.13743/) (2023)
- [A Survey of Large Language Models for Healthcare: from Data, Technology, and Applications to Accountability and Ethics](https://mlsanity.com/paper/2310.05694/) (2023)
- [LHRS-Bot: Empowering Remote Sensing with VGI-Enhanced Large Multimodal Language Model](https://mlsanity.com/paper/2402.02544/) (2024)
- [FinCon: A Synthesized LLM Multi-Agent System with Conceptual Verbal Reinforcement for Enhanced Financial Decision Making](https://mlsanity.com/paper/2407.06567/) (2024)
- [Large Models for Time Series and Spatio-Temporal Data: A Survey and Outlook](https://mlsanity.com/paper/2310.10196/) (2023)
- [Revolutionizing Finance with LLMs: An Overview of Applications and Insights](https://mlsanity.com/paper/2401.11641/) (2024)
- [A Survey of Large Language Models for Financial Applications: Progress, Prospects and Challenges](https://mlsanity.com/paper/2406.11903/) (2024)
- [InvestLM: A Large Language Model for Investment using Financial Domain Instruction Tuning](https://mlsanity.com/paper/2309.13064/) (2023)
- [EduChat: A Large-Scale Language Model-based Chatbot System for Intelligent Education](https://mlsanity.com/paper/2308.02773/) (2023)
- [A Survey of Large Language Models in Finance (FinLLMs)](https://mlsanity.com/paper/2402.02315/) (2024)
- [FinGPT: Instruction Tuning Benchmark for Open-Source Large Language Models in Financial Datasets](https://mlsanity.com/paper/2310.04793/) (2023)
- [Enhancing Financial Sentiment Analysis via Retrieval Augmented Large Language Models](https://mlsanity.com/paper/2310.04027/) (2023)
- [FinGPT: Democratizing Internet-scale Data for Financial Large Language Models](https://mlsanity.com/paper/2307.10485/) (2023)
- [LoRA ensembles for large language model fine-tuning](https://mlsanity.com/paper/2310.00035/) (2023)
- [Retrieval Augmented Generation (RAG) and Beyond: A Comprehensive Survey on How to Make your LLMs use External Data More Wisely](https://mlsanity.com/paper/2409.14924/) (2024)
- [Think-in-Memory: Recalling and Post-thinking Enable LLMs with Long-Term Memory](https://mlsanity.com/paper/2311.08719/) (2023)
- [Merging LoRAs like Playing LEGO: Pushing the Modularity of LoRA to Extremes Through Rank-Wise Clustering](https://mlsanity.com/paper/2409.16167/) (2024)
- [Data-Juicer: A One-Stop Data Processing System for Large Language Models](https://mlsanity.com/paper/2309.02033/) (2023)
- [Injecting Domain-Specific Knowledge into Large Language Models: A Comprehensive Survey](https://mlsanity.com/paper/2502.10708/) (2025)
- [Adapting Large Language Models to Domains via Reading Comprehension](https://mlsanity.com/paper/2309.09530/) (2023)
- [EcomGPT: Instruction-tuning Large Language Models with Chain-of-Task Tasks for E-commerce](https://mlsanity.com/paper/2308.06966/) (2023)
- [SciFIBench: Benchmarking Large Multimodal Models for Scientific Figure Interpretation](https://mlsanity.com/paper/2405.08807/) (2024)
- [Financial Report Chunking for Effective Retrieval Augmented Generation](https://mlsanity.com/paper/2402.05131/) (2024)
- [OWL: A Large Language Model for IT Operations](https://mlsanity.com/paper/2309.09298/) (2023)

## Abstract (arXiv)

Large language models (LLMs) have shown the potential of revolutionizing natural language processing tasks in diverse domains, sparking great interest in finance. Accessing high-quality financial data is the first challenge for financial LLMs (FinLLMs). While proprietary models like BloombergGPT have taken advantage of their unique data accumulation, such privileged access calls for an open-source alternative to democratize Internet-scale financial data. In this paper, we present an open-source large language model, FinGPT, for the finance sector. Unlike proprietary models, FinGPT takes a data-centric approach, providing researchers and practitioners with accessible and transparent resources to develop their FinLLMs. We highlight the importance of an automatic data curation pipeline and the lightweight low-rank adaptation technique in building FinGPT. Furthermore, we showcase several potential applications as stepping stones for users, such as robo-advising, algorithmic trading, and low-code development. Through collaborative efforts within the open-source AI4Finance community, FinGPT aims to stimulate innovation, democratize FinLLMs, and unlock new opportunities in open finance. Two associated code repos are https://github.com/AI4Finance-Foundation/FinGPT and https://github.com/AI4Finance-Foundation/FinNLP