Opportunities and Challenges of Generative-AI in Finance

• URL: http://arxiv.org/abs/2410.15653v2
• Date: Wed, 30 Oct 2024 04:52:42 GMT
• Title: Opportunities and Challenges of Generative-AI in Finance
• Authors: Akshar Prabhu Desai, Ganesh Satish Mallya, Mohammad Luqman, Tejasvi Ravi, Nithya Kota, Pranjul Yadav,
• Abstract summary: We present a comprehensive overview of the applications of Gen-AI techniques in the finance domain. We 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.
• Score: 0.09895793818721334
• License:
• Abstract: 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.

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