mlsanityData to 7 Oct 2026

Revolutionizing Finance with LLMs: An Overview of Applications and Insights

arXiv 2401.11641 ↗First posted 22 Jan 2024cs.CLcited by 88

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Abstract (arXiv)

In recent years, Large Language Models (LLMs) like ChatGPT have seen considerable advancements and have been applied in diverse fields. Built on the Transformer architecture, these models are trained on extensive datasets, enabling them to understand and generate human language effectively. In the financial domain, the deployment of LLMs is gaining momentum. These models are being utilized for automating financial report generation, forecasting market trends, analyzing investor sentiment, and offering personalized financial advice. Leveraging their natural language processing capabilities, LLMs can distill key insights from vast financial data, aiding institutions in making informed investment choices and enhancing both operational efficiency and customer satisfaction. In this study, we provide a comprehensive overview of the emerging integration of LLMs into various financial tasks. Additionally, we conducted holistic tests on multiple financial tasks through the combination of natural language instructions. Our findings show that GPT-4 effectively follow prompt instructions across various financial tasks. This survey and evaluation of LLMs in the financial domain aim to deepen the understanding of LLMs' current role in finance for both financial practitioners and LLM researchers, identify new research and application prospects, and highlight how these technologies can be leveraged to solve practical challenges in the finance industry.

Key facts. Cited by 88 papers in the map (data through 7 Oct 2026). Builds on 71 of its 137 references that are in the map. First posted on arXiv 22 Jan 2024.

Builds on

71 of 137 references.

References · 71

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38 more
  1. 2021FinQA: A Dataset of Numerical Reasoning over Financial Datacited by 552
  2. 2019FinBERT: Financial Sentiment Analysis with Pre-trained Language Modelscited by 378
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  4. 2018A Survey on Deep Learning for Named Entity Recognitioncited by 281
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  8. 2023PIXIU: A Large Language Model, Instruction Data and Evaluation Benchmark for Financecited by 217
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  15. 2023The Science of Detecting LLM-Generated Textscited by 126
  16. 2023Can ChatGPT Forecast Stock Price Movements? Return Predictability and Large Language Modelscited by 125
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  20. 2023Temporal Data Meets LLM -- Explainable Financial Time Series Forecastingcited by 77
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  22. 2023Enhancing Financial Sentiment Analysis via Retrieval Augmented Large Language Modelscited by 67
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50 most cited of 71 All 71 (JSON)

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Cited by year (2026 to 7 Oct)

Citing papers per year: 2024: 38; 2025: 37; 2026: 13.

88 papers.

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  1. 2024FinBen: A Holistic Financial Benchmark for Large Language Modelscited by 140
  2. 2024Personalized Steering of Large Language Models: Versatile Steering Vectors Through Bi-directional Preference Optimizationcited by 112
  3. 2024FinCon: A Synthesized LLM Multi-Agent System with Conceptual Verbal Reinforcement for Enhanced Financial Decision Makingcited by 112
  4. 2024HybridRAG: Integrating Knowledge Graphs and Vector Retrieval Augmented Generation for Efficient Information Extractioncited by 92
  5. 2024A Survey of Large Language Models for Financial Applications: Progress, Prospects and Challengescited by 86
  6. 2024Trustworthiness in Retrieval-Augmented Generation Systems: A Surveycited by 83
  7. 2024FlipAttack: Jailbreak LLMs via Flippingcited by 73
  8. 2024Shall We Team Up: Exploring Spontaneous Cooperation of Competing LLM Agentscited by 48
  9. 2024Peer Review as A Multi-Turn and Long-Context Dialogue with Role-Based Interactionscited by 43
  10. 2024CS-Bench: A Comprehensive Benchmark for Large Language Models towards Computer Science Masterycited by 30
  11. 2024WordGame: Efficient & Effective LLM Jailbreak via Simultaneous Obfuscation in Query and Responsecited by 28
  12. 2025FinMME: Benchmark Dataset for Financial Multi-Modal Reasoning Evaluationcited by 27
38 more
  1. 2024Opportunities and Challenges of Large Language Models for Low-Resource Languages in Humanities Researchcited by 26
  2. 2024When AI Meets Finance (StockAgent): Large Language Model-based Stock Trading in Simulated Real-world Environmentscited by 25
  3. 2024Large Language Models for Manufacturingcited by 24
  4. 2025BizFinBench: A Business-Driven Real-World Financial Benchmark for Evaluating LLMscited by 22
  5. 2024Automate Strategy Finding with LLM in Quant Investmentcited by 21
  6. 2025Time Travel is Cheating: Going Live with DeepFund for Real-Time Fund Investment Benchmarkingcited by 21
  7. 2025Are Generative AI Agents Effective Personalized Financial Advisors?cited by 18
  8. 2024Enhancing Investment Analysis: Optimizing AI-Agent Collaboration in Financial Researchcited by 14
  9. 2024Evolving AI Collectives to Enhance Human Diversity and Enable Self-Regulationcited by 13
  10. 2025LLM-based Automated Grading with Human-in-the-Loopcited by 13
  11. 2024Transcending Language Boundaries: Harnessing LLMs for Low-Resource Language Translationcited by 12
  12. 2025Agentic AI Systems Applied to tasks in Financial Services: Modeling and model risk management crewscited by 12
  13. 2025HiBench: Benchmarking LLMs Capability on Hierarchical Structure Reasoningcited by 12
  14. 2025Robustness in Large Language Models: A Survey of Mitigation Strategies and Evaluation Metricscited by 12
  15. 2024Plan*RAG: Efficient Test-Time Planning for Retrieval Augmented Generationcited by 11
  16. 2025Cascaded Language Models for Cost-effective Human-AI Decision-Makingcited by 11
  17. 2024Fairness Testing of Large Language Models in Role-Playingcited by 10
  18. 2024EconNLI: Evaluating Large Language Models on Economics Reasoningcited by 8
  19. 2024LLM-Mixer: Multiscale Mixing in LLMs for Time Series Forecastingcited by 8
  20. 2026SoK: Security of Autonomous LLM Agents in Agentic Commercecited by 8
  21. 2024Understanding Why Large Language Models Can Be Ineffective in Time Series Analysis: The Impact of Modality Alignmentcited by 7
  22. 2025Advanced Real-Time Fraud Detection Using RAG-Based LLMscited by 7
  23. 2025Expect the Unexpected: FailSafe Long Context QA for Financecited by 7
  24. 2025LLM-Enhanced Black-Litterman Portfolio Optimizationcited by 7
  25. 2026RAIN-Merging: A Gradient-Free Method to Enhance Instruction Following in Large Reasoning Models with Preserved Thinking Formatcited by 7
  26. 2024MultiCast: Zero-Shot Multivariate Time Series Forecasting Using LLMscited by 6
  27. 2024Opportunities and Challenges of Generative-AI in Financecited by 6
  28. 2024A Survey of Financial AI: Architectures, Advances and Open Challengescited by 6
  29. 2025RAG-WM: An Efficient Black-Box Watermarking Approach for Retrieval-Augmented Generation of Large Language Modelscited by 6
  30. 2026Knowing But Not Doing: Convergent Morality and Divergent Action in LLMscited by 6
  31. 2024Harnessing GPT-4V(ision) for Insurance: A Preliminary Explorationcited by 5
  32. 2024EnJa: Ensemble Jailbreak on Large Language Modelscited by 5
  33. 2026FinRule-Bench: A Benchmark for Joint Reasoning over Financial Tables and Principlescited by 5
  34. 2024Examining the Commitments and Difficulties Inherent in Multimodal Foundation Models for Street View Imagerycited by 4
  35. 2024LSAQ: Layer-Specific Adaptive Quantization for Large Language Model Deploymentcited by 4
  36. 2025Will LLMs be Professional at Fund Investment? DeepFund: A Live Arena Perspectivecited by 4
  37. 2025Bridging Language Models and Financial Analysiscited by 4
  38. 2025CSPO: Cross-Market Synergistic Stock Price Movement Forecasting with Pseudo-volatility Optimizationcited by 4

50 most cited of 88 All 88 (JSON)