# Revolutionizing Finance with LLMs: An Overview of Applications and Insights

arXiv: https://arxiv.org/abs/2401.11641 · HTML: https://mlsanity.com/paper/2401.11641/

## Key facts

- Cited by 90 papers in the map (data through 14 Oct 2026).
- Builds on 71 of its 137 references that are in the map.
- First posted on arXiv 22 Jan 2024.

## Builds on (most cited first, 30 of 71)

- [Attention Is All You Need](https://mlsanity.com/paper/1706.03762/) (2017)
- [Language Models are Few-Shot Learners](https://mlsanity.com/paper/2005.14165/) (2020)
- [GPT-4 Technical Report](https://mlsanity.com/paper/2303.08774/) (2023)
- [Exploring the Limits of Transfer Learning with a Unified Text-to-Text Transformer](https://mlsanity.com/paper/1910.10683/) (2019)
- [LLaMA: Open and Efficient Foundation Language Models](https://mlsanity.com/paper/2302.13971/) (2023)
- [Chain-of-Thought Prompting Elicits Reasoning in Large Language Models](https://mlsanity.com/paper/2201.11903/) (2022)
- [BART: Denoising Sequence-to-Sequence Pre-training for Natural Language Generation, Translation, and Comprehension](https://mlsanity.com/paper/1910.13461/) (2019)
- [Large Language Models are Zero-Shot Reasoners](https://mlsanity.com/paper/2205.11916/) (2022)
- [A Survey of Large Language Models](https://mlsanity.com/paper/2303.18223/) (2023)
- [A Survey on Evaluation of Large Language Models](https://mlsanity.com/paper/2307.03109/) (2023)
- [BloombergGPT: A Large Language Model for Finance](https://mlsanity.com/paper/2303.17564/) (2023)
- [Time-LLM: Time Series Forecasting by Reprogramming Large Language Models](https://mlsanity.com/paper/2310.01728/) (2023)
- [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)
- [Good Debt or Bad Debt: Detecting Semantic Orientations in Economic Texts](https://mlsanity.com/paper/1307.5336/) (2013)
- [TrustLLM: Trustworthiness in Large Language Models](https://mlsanity.com/paper/2401.05561/) (2024)
- [A Survey on Deep Learning for Named Entity Recognition](https://mlsanity.com/paper/1812.09449/) (2018)
- [FinGPT: Open-Source Financial Large Language Models](https://mlsanity.com/paper/2306.06031/) (2023)
- [Beam Search Strategies for Neural Machine Translation](https://mlsanity.com/paper/1702.01806/) (2017)
- [PIXIU: A Large Language Model, Instruction Data and Evaluation Benchmark for Finance](https://mlsanity.com/paper/2306.05443/) (2023)
- [OpenAGI: When LLM Meets Domain Experts](https://mlsanity.com/paper/2304.04370/) (2023)
- [ConvFinQA: Exploring the Chain of Numerical Reasoning in Conversational Finance Question Answering](https://mlsanity.com/paper/2210.03849/) (2022)
- [FinBERT: A Pretrained Language Model for Financial Communications](https://mlsanity.com/paper/2006.08097/) (2020)
- [Summary of ChatGPT-Related Research and Perspective Towards the Future of Large Language Models](https://mlsanity.com/paper/2304.01852/) (2023)
- [AugGPT: Leveraging ChatGPT for Text Data Augmentation](https://mlsanity.com/paper/2302.13007/) (2023)
- [DeID-GPT: Zero-shot Medical Text De-Identification by GPT-4](https://mlsanity.com/paper/2303.11032/) (2023)
- [Can ChatGPT Forecast Stock Price Movements? Return Predictability and Large Language Models](https://mlsanity.com/paper/2304.07619/) (2023)
- [The Science of Detecting LLM-Generated Texts](https://mlsanity.com/paper/2303.07205/) (2023)
- [WHEN FLUE MEETS FLANG: Benchmarks and Large Pre-trained Language Model for Financial Domain](https://mlsanity.com/paper/2211.00083/) (2022)
- [Deep Hedging](https://mlsanity.com/paper/1802.03042/) (2018)

## Built on by (most cited first, 30 of 90)

- [FinBen: A Holistic Financial Benchmark for Large Language Models](https://mlsanity.com/paper/2402.12659/) (2024)
- [Personalized Steering of Large Language Models: Versatile Steering Vectors Through Bi-directional Preference Optimization](https://mlsanity.com/paper/2406.00045/) (2024)
- [FinCon: A Synthesized LLM Multi-Agent System with Conceptual Verbal Reinforcement for Enhanced Financial Decision Making](https://mlsanity.com/paper/2407.06567/) (2024)
- [HybridRAG: Integrating Knowledge Graphs and Vector Retrieval Augmented Generation for Efficient Information Extraction](https://mlsanity.com/paper/2408.04948/) (2024)
- [A Survey of Large Language Models for Financial Applications: Progress, Prospects and Challenges](https://mlsanity.com/paper/2406.11903/) (2024)
- [Trustworthiness in Retrieval-Augmented Generation Systems: A Survey](https://mlsanity.com/paper/2409.10102/) (2024)
- [FlipAttack: Jailbreak LLMs via Flipping](https://mlsanity.com/paper/2410.02832/) (2024)
- [Shall We Team Up: Exploring Spontaneous Cooperation of Competing LLM Agents](https://mlsanity.com/paper/2402.12327/) (2024)
- [Peer Review as A Multi-Turn and Long-Context Dialogue with Role-Based Interactions](https://mlsanity.com/paper/2406.05688/) (2024)
- [CS-Bench: A Comprehensive Benchmark for Large Language Models towards Computer Science Mastery](https://mlsanity.com/paper/2406.08587/) (2024)
- [FinMME: Benchmark Dataset for Financial Multi-Modal Reasoning Evaluation](https://mlsanity.com/paper/2505.24714/) (2025)
- [WordGame: Efficient & Effective LLM Jailbreak via Simultaneous Obfuscation in Query and Response](https://mlsanity.com/paper/2405.14023/) (2024)
- [Opportunities and Challenges of Large Language Models for Low-Resource Languages in Humanities Research](https://mlsanity.com/paper/2412.04497/) (2024)
- [When AI Meets Finance (StockAgent): Large Language Model-based Stock Trading in Simulated Real-world Environments](https://mlsanity.com/paper/2407.18957/) (2024)
- [Automate Strategy Finding with LLM in Quant Investment](https://mlsanity.com/paper/2409.06289/) (2024)
- [Large Language Models for Manufacturing](https://mlsanity.com/paper/2410.21418/) (2024)
- [BizFinBench: A Business-Driven Real-World Financial Benchmark for Evaluating LLMs](https://mlsanity.com/paper/2505.19457/) (2025)
- [Time Travel is Cheating: Going Live with DeepFund for Real-Time Fund Investment Benchmarking](https://mlsanity.com/paper/2505.11065/) (2025)
- [Are Generative AI Agents Effective Personalized Financial Advisors?](https://mlsanity.com/paper/2504.05862/) (2025)
- [Enhancing Investment Analysis: Optimizing AI-Agent Collaboration in Financial Research](https://mlsanity.com/paper/2411.04788/) (2024)
- [Evolving AI Collectives to Enhance Human Diversity and Enable Self-Regulation](https://mlsanity.com/paper/2402.12590/) (2024)
- [LLM-based Automated Grading with Human-in-the-Loop](https://mlsanity.com/paper/2504.05239/) (2025)
- [Transcending Language Boundaries: Harnessing LLMs for Low-Resource Language Translation](https://mlsanity.com/paper/2411.11295/) (2024)
- [Agentic AI Systems Applied to tasks in Financial Services: Modeling and model risk management crews](https://mlsanity.com/paper/2502.05439/) (2025)
- [HiBench: Benchmarking LLMs Capability on Hierarchical Structure Reasoning](https://mlsanity.com/paper/2503.00912/) (2025)
- [Robustness in Large Language Models: A Survey of Mitigation Strategies and Evaluation Metrics](https://mlsanity.com/paper/2505.18658/) (2025)
- [Plan*RAG: Efficient Test-Time Planning for Retrieval Augmented Generation](https://mlsanity.com/paper/2410.20753/) (2024)
- [Fairness Testing of Large Language Models in Role-Playing](https://mlsanity.com/paper/2411.00585/) (2024)
- [Cascaded Language Models for Cost-effective Human-AI Decision-Making](https://mlsanity.com/paper/2506.11887/) (2025)
- [RAIN-Merging: A Gradient-Free Method to Enhance Instruction Following in Large Reasoning Models with Preserved Thinking Format](https://mlsanity.com/paper/2602.22538/) (2026)

## 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.