# FinRAGBench-V: A Benchmark for Multimodal RAG with Visual Citation in the Financial Domain

arXiv: https://arxiv.org/abs/2505.17471 · HTML: https://mlsanity.com/paper/2505.17471/

## Key facts

- Cited by 16 papers in the map (data through 14 Oct 2026).
- Placed in Legal and financial RAG, one of 15 directions in Retrieval-augmented generation.
- Builds on 25 of its 36 references that are in the map.
- First posted on arXiv 23 May 2025.

## Placed in

- Retrieval-augmented generation / [Legal and financial RAG](https://mlsanity.com/rag/legal-and-financial-rag/)

## Builds on (most cited first, 25 of 25)

- [Retrieval-Augmented Generation for Knowledge-Intensive NLP Tasks](https://mlsanity.com/paper/2005.11401/) (2020)
- [Qwen2-VL: Enhancing Vision-Language Model's Perception of the World at Any Resolution](https://mlsanity.com/paper/2409.12191/) (2024)
- [Gemini 1.5: Unlocking multimodal understanding across millions of tokens of context](https://mlsanity.com/paper/2403.05530/) (2024)
- [Retrieval-Augmented Generation for Large Language Models: A Survey](https://mlsanity.com/paper/2312.10997/) (2023)
- [REALM: Retrieval-Augmented Language Model Pre-Training](https://mlsanity.com/paper/2002.08909/) (2020)
- [MiniCPM-V: A GPT-4V Level MLLM on Your Phone](https://mlsanity.com/paper/2408.01800/) (2024)
- [M3-Embedding: Multi-Linguality, Multi-Functionality, Multi-Granularity Text Embeddings Through Self-Knowledge Distillation](https://mlsanity.com/paper/2402.03216/) (2024)
- [Atlas: Few-shot Learning with Retrieval Augmented Language Models](https://mlsanity.com/paper/2208.03299/) (2022)
- [Enabling Large Language Models to Generate Text with Citations](https://mlsanity.com/paper/2305.14627/) (2023)
- [FinQA: A Dataset of Numerical Reasoning over Financial Data](https://mlsanity.com/paper/2109.00122/) (2021)
- [ARES: An Automated Evaluation Framework for Retrieval-Augmented Generation Systems](https://mlsanity.com/paper/2311.09476/) (2023)
- [RAFT: Adapting Language Model to Domain Specific RAG](https://mlsanity.com/paper/2403.10131/) (2024)
- [RankRAG: Unifying Context Ranking with Retrieval-Augmented Generation in LLMs](https://mlsanity.com/paper/2407.02485/) (2024)
- [ColPali: Efficient Document Retrieval with Vision Language Models](https://mlsanity.com/paper/2407.01449/) (2024)
- [GME: Improving Universal Multimodal Retrieval by Multimodal LLMs](https://mlsanity.com/paper/2412.16855/) (2024)
- [RAGBench: Explainable Benchmark for Retrieval-Augmented Generation Systems](https://mlsanity.com/paper/2407.11005/) (2024)
- [Unifying Multimodal Retrieval via Document Screenshot Embedding](https://mlsanity.com/paper/2406.11251/) (2024)
- [A Survey of Large Language Models Attribution](https://mlsanity.com/paper/2311.03731/) (2023)
- [Attribute First, then Generate: Locally-attributable Grounded Text Generation](https://mlsanity.com/paper/2403.17104/) (2024)
- [RAG-QA Arena: Evaluating Domain Robustness for Long-form Retrieval Augmented Question Answering](https://mlsanity.com/paper/2407.13998/) (2024)
- [RAVEN: In-Context Learning with Retrieval-Augmented Encoder-Decoder Language Models](https://mlsanity.com/paper/2308.07922/) (2023)
- [EvoChart: A Benchmark and a Self-Training Approach Towards Real-World Chart Understanding](https://mlsanity.com/paper/2409.01577/) (2024)
- [OmniEval: An Omnidirectional and Automatic RAG Evaluation Benchmark in Financial Domain](https://mlsanity.com/paper/2412.13018/) (2024)
- [VISA: Retrieval Augmented Generation with Visual Source Attribution](https://mlsanity.com/paper/2412.14457/) (2024)
- [Jina-ColBERT-v2: A General-Purpose Multilingual Late Interaction Retriever](https://mlsanity.com/paper/2408.16672/) (2024)

## Built on by (most cited first, 16 of 16)

- [DocLens : A Tool-Augmented Multi-Agent Framework for Long Visual Document Understanding](https://mlsanity.com/paper/2511.11552/) (2025)
- [Scaling Beyond Context: A Survey of Multimodal Retrieval-Augmented Generation for Document Understanding](https://mlsanity.com/paper/2510.15253/) (2025)
- [AgenticOCR: Parsing Only What You Need for Efficient Retrieval-Augmented Generation](https://mlsanity.com/paper/2602.24134/) (2026)
- [CiteVQA: Benchmarking Evidence Attribution for Trustworthy Document Intelligence](https://mlsanity.com/paper/2605.12882/) (2026)
- [VeritasFi: An Adaptable, Multi-tiered RAG Framework for Multi-modal Financial Question Answering](https://mlsanity.com/paper/2510.10828/) (2025)
- [MM-BizRAG: Rethinking Multimodal Retrieval-Augmented Generation for General Purpose Enterprise Q&A](https://mlsanity.com/paper/2606.04231/) (2026)
- [FinRank: An Evidence-Grounded Benchmark for Financial Question Answering and Retrieval over SEC Filings](https://mlsanity.com/paper/2608.07400/) (2026)
- [PyFi: Toward Pyramid-like Financial Image Understanding for VLMs via Adversarial Agents](https://mlsanity.com/paper/2512.14735/) (2025)
- [LITTA: Late-Interaction and Test-Time Alignment for Visually-Grounded Multimodal Retrieval](https://mlsanity.com/paper/2603.26683/) (2026)
- [FinSAgent: Corpus-Aligned Multi-Agent RAG Framework for Evidence-Grounded SEC Filing Question Answering](https://mlsanity.com/paper/2607.18102/) (2026)
- [VLD-RAG: Agentic Vision-Language Retrieval-Augmented Generation for Long, Visually-Rich Multi-Page Documents](https://mlsanity.com/paper/2607.24748/) (2026)
- [XL-DocBench: Benchmarking Evidence-Grounded Extra-Long Document Understanding](https://mlsanity.com/paper/2608.00036/) (2026)
- [DocAtlas: Long-Document Understanding as Mutable-State Interaction](https://mlsanity.com/paper/2608.07527/) (2026)
- [CLAIR-Fin: An Adversarial Multi-Agent Framework for Claim-Level Verification and Adaptive Debate in Cross-Modal Financial QA](https://mlsanity.com/paper/2608.13706/) (2026)
- [Incremental Pooled LLM Evaluation for Cost-Effective Retrieval Model Selection](https://mlsanity.com/paper/2609.02745/) (2026)
- [IGT @ FinMMEval 2026 Task 2: Question-Type Prompting with Targeted Extraction for Multilingual Financial QA](https://mlsanity.com/paper/2609.08139/) (2026)

## Abstract (arXiv)

Retrieval-Augmented Generation (RAG) plays a vital role in the financial domain, powering applications such as real-time market analysis, trend forecasting, and interest rate computation. However, most existing RAG research in finance focuses predominantly on textual data, overlooking the rich visual content in financial documents, resulting in the loss of key analytical insights. To bridge this gap, we present FinRAGBench-V, a comprehensive visual RAG benchmark tailored for finance which effectively integrates multimodal data and provides visual citation to ensure traceability. It includes a bilingual retrieval corpus with 60,780 Chinese and 51,219 English pages, along with a high-quality, human-annotated question-answering (QA) dataset spanning heterogeneous data types and seven question categories. Moreover, we introduce RGenCite, an RAG baseline that seamlessly integrates visual citation with generation. Furthermore, we propose an automatic citation evaluation method to systematically assess the visual citation capabilities of Multimodal Large Language Models (MLLMs). Extensive experiments on RGenCite underscore the challenging nature of FinRAGBench-V, providing valuable insights for the development of multimodal RAG systems in finance.