Breaking the Bank with ChatGPT: Few-Shot Text Classification for Finance
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Abstract (arXiv)
We propose the use of conversational GPT models for easy and quick few-shot text classification in the financial domain using the Banking77 dataset. Our approach involves in-context learning with GPT-3.5 and GPT-4, which minimizes the technical expertise required and eliminates the need for expensive GPU computing while yielding quick and accurate results. Additionally, we fine-tune other pre-trained, masked language models with SetFit, a recent contrastive learning technique, to achieve state-of-the-art results both in full-data and few-shot settings. Our findings show that querying GPT-3.5 and GPT-4 can outperform fine-tuned, non-generative models even with fewer examples. However, subscription fees associated with these solutions may be considered costly for small organizations. Lastly, we find that generative models perform better on the given task when shown representative samples selected by a human expert rather than when shown random ones. We conclude that a) our proposed methods offer a practical solution for few-shot tasks in datasets with limited label availability, and b) our state-of-the-art results can inspire future work in the area.
Key facts. Cited by 12 papers in the map (data through 14 Oct 2026). Builds on 29 of its 48 references that are in the map. First posted on arXiv 28 Aug 2023.
Builds on
29 of 48 references.
References · 29
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17 more
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Citing papers per year: 2023: 2; 2024: 7; 2025: 2; 2026: 1.
12 papers.
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- 2024LLM-based feature generation from text for interpretable machine learningcited by 13
- 2023Exploring Recommendation Capabilities of GPT-4V(ision): A Preliminary Case Studycited by 12
- 2024Is it safe to cross? Interpretable Risk Assessment with GPT-4V for Safety-Aware Street Crossingcited by 12
- 2024Laboratory-Scale AI: Open-Weight Models are Competitive with ChatGPT Even in Low-Resource Settingscited by 9
- 2024Mitigating Boundary Ambiguity and Inherent Bias for Text Classification in the Era of Large Language Modelscited by 9
- 2024Dynamic Label Name Refinement for Few-Shot Dialogue Intent Classificationcited by 6
- 2025Document-Level Tabular Numerical Cross-Checking: A Coarse-to-Fine Approachcited by 2
- 2025Large Language Models in the Task of Automatic Validation of Text Classifier Predictionscited by 0
- 2026MILO: Efficient Many-shot In-Context Learning with Block-wise Low-rank Compressioncited by 0
- 2026MILO: Efficient Many-shot In-Context Learning with Block-wise Low-rank Compression24 Sep 2026
- 2025Document-Level Tabular Numerical Cross-Checking: A Coarse-to-Fine Approach16 Jun 2025
- 2025Large Language Models in the Task of Automatic Validation of Text Classifier Predictions24 May 2025
- 2024Dynamic Label Name Refinement for Few-Shot Dialogue Intent Classification20 Dec 2024
- 2024LLM-based feature generation from text for interpretable machine learning11 Sep 2024
- 2024Mitigating Boundary Ambiguity and Inherent Bias for Text Classification in the Era of Large Language Models11 Jun 2024
- 2024Laboratory-Scale AI: Open-Weight Models are Competitive with ChatGPT Even in Low-Resource Settings27 May 2024
- 2024Is it safe to cross? Interpretable Risk Assessment with GPT-4V for Safety-Aware Street Crossing9 Feb 2024
- 2024Leak, Cheat, Repeat: Data Contamination and Evaluation Malpractices in Closed-Source LLMs6 Feb 2024
- 2024Forging Vision Foundation Models for Autonomous Driving: Challenges, Methodologies, and Opportunities16 Jan 2024
- 2023Making LLMs Worth Every Penny: Resource-Limited Text Classification in Banking10 Nov 2023
- 2023Exploring Recommendation Capabilities of GPT-4V(ision): A Preliminary Case Study7 Nov 2023