# Opportunities and Challenges of Generative-AI in Finance

arXiv: https://arxiv.org/abs/2410.15653 · HTML: https://mlsanity.com/paper/2410.15653/

## Key facts

- Cited by 6 papers in the map (data through 14 Oct 2026).
- Builds on 59 of its 112 references that are in the map.
- First posted on arXiv 21 Oct 2024.

## Builds on (most cited first, 30 of 59)

- [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)
- [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)
- [Retrieval-Augmented Generation for Knowledge-Intensive NLP Tasks](https://mlsanity.com/paper/2005.11401/) (2020)
- [XGBoost: A Scalable Tree Boosting System](https://mlsanity.com/paper/1603.02754/) (2016)
- [The Power of Scale for Parameter-Efficient Prompt Tuning](https://mlsanity.com/paper/2104.08691/) (2021)
- [BLOOM: A 176B-Parameter Open-Access Multilingual Language Model](https://mlsanity.com/paper/2211.05100/) (2022)
- [AWQ: Activation-aware Weight Quantization for LLM Compression and Acceleration](https://mlsanity.com/paper/2306.00978/) (2023)
- [Scaling Autoregressive Models for Content-Rich Text-to-Image Generation](https://mlsanity.com/paper/2206.10789/) (2022)
- [EfficientNetV2: Smaller Models and Faster Training](https://mlsanity.com/paper/2104.00298/) (2021)
- [In-context Learning and Induction Heads](https://mlsanity.com/paper/2209.11895/) (2022)
- [On Faithfulness and Factuality in Abstractive Summarization](https://mlsanity.com/paper/2005.00661/) (2020)
- [Few-Shot Parameter-Efficient Fine-Tuning is Better and Cheaper than In-Context Learning](https://mlsanity.com/paper/2205.05638/) (2022)
- [Are NLP Models really able to Solve Simple Math Word Problems?](https://mlsanity.com/paper/2103.07191/) (2021)
- [A Survey of Quantization Methods for Efficient Neural Network Inference](https://mlsanity.com/paper/2103.13630/) (2021)
- [LLaMA-Adapter: Efficient Fine-tuning of Language Models with Zero-init Attention](https://mlsanity.com/paper/2303.16199/) (2023)
- [FinQA: A Dataset of Numerical Reasoning over Financial Data](https://mlsanity.com/paper/2109.00122/) (2021)
- [Taming Throughput-Latency Tradeoff in LLM Inference with Sarathi-Serve](https://mlsanity.com/paper/2403.02310/) (2024)
- [Large Language Models: A Survey](https://mlsanity.com/paper/2402.06196/) (2024)
- [A White Paper on Neural Network Quantization](https://mlsanity.com/paper/2106.08295/) (2021)
- [Harnessing the Power of LLMs in Practice: A Survey on ChatGPT and Beyond](https://mlsanity.com/paper/2304.13712/) (2023)
- [Hallucination is Inevitable: An Innate Limitation of Large Language Models](https://mlsanity.com/paper/2401.11817/) (2024)
- [Parameter-efficient Multi-task Fine-tuning for Transformers via Shared Hypernetworks](https://mlsanity.com/paper/2106.04489/) (2021)
- [FinanceBench: A New Benchmark for Financial Question Answering](https://mlsanity.com/paper/2311.11944/) (2023)
- [Large Language Models in Finance: A Survey](https://mlsanity.com/paper/2311.10723/) (2023)
- [ConvFinQA: Exploring the Chain of Numerical Reasoning in Conversational Finance Question Answering](https://mlsanity.com/paper/2210.03849/) (2022)

## Built on by (most cited first, 6 of 6)

- [The Scales of Justitia: A Comprehensive Survey on Safety Evaluation of LLMs](https://mlsanity.com/paper/2506.11094/) (2025)
- [A Cost-Benefit Analysis of On-Premise Large Language Model Deployment: Breaking Even with Commercial LLM Services](https://mlsanity.com/paper/2509.18101/) (2025)
- [Standard Benchmarks Fail -- Auditing LLM Agents in Finance Must Prioritize Risk](https://mlsanity.com/paper/2502.15865/) (2025)
- [Advancing Financial Engineering with Foundation Models: Progress, Applications, and Challenges](https://mlsanity.com/paper/2507.18577/) (2025)
- [Simulating Complex Multi-Turn Tool Calling Interactions in Stateless Execution Environments](https://mlsanity.com/paper/2601.19914/) (2026)
- [Banking Done Right: Redefining Retail Banking with Language-Centric AI](https://mlsanity.com/paper/2510.07645/) (2025)

## Abstract (arXiv)

Gen-AI techniques are able to improve understanding of context and nuances in language modeling, translation between languages, handle large volumes of data, provide fast, low-latency responses and can be fine-tuned for various tasks and domains. In this manuscript, we present a comprehensive overview of the applications of Gen-AI techniques in the finance domain. In particular, we present the opportunities and challenges associated with the usage of Gen-AI techniques. We also illustrate the various methodologies which can be used to train Gen-AI techniques and present the various application areas of Gen-AI technologies in the finance ecosystem. To the best of our knowledge, this work represents the most comprehensive summarization of Gen-AI techniques within the financial domain. The analysis is designed for a deep overview of areas marked for substantial advancement while simultaneously pin-point those warranting future prioritization. We also hope that this work would serve as a conduit between finance and other domains, thus fostering the cross-pollination of innovative concepts and practices.