The Evolving Role of Large Language Models (LLMs) in Banking

EasyChair Preprint 13367

Abstract

The banking industry has been at the forefront of technological advancements, and the emergence of large language models (LLMs) has become a game-changer in this sector. LLMs, with their remarkable progress in natural language processing and understanding, are transforming the way banks interact with customers, automate back-office operations, and enhance their risk management and decision-making processes.

This paper explores the evolving role of LLMs in the banking industry. It begins by defining LLMs and providing an overview of their growing importance in the banking context. The paper then delves into the advancements in LLM capabilities, highlighting their improved ability to handle complex queries, personalize interactions, and expand beyond text-based communications.

The key applications of LLMs in banking are examined, including their use in customer service and support, the automation of back-office tasks, and the enhancement of risk management and decision-making. The paper also addresses the challenges and considerations associated with the integration of LLMs, such as data privacy and security concerns, issues of bias and fairness, and the regulatory and ethical implications.

Keyphrases: Artificial Intelligence (AI), Banking, Large Language Models (LLMs), Personalized Financial Advice, customer service, financial services

@booklet{EasyChair:13367,
  author    = {Godwin Olaoye and Harold Jonathan},
  title     = {The Evolving Role of Large Language Models (LLMs) in Banking},
  howpublished = {EasyChair Preprint 13367},
  year      = {EasyChair, 2024}}