Learn to build large language model applications: vector databases, langchain, fine tuning and prompt engineering. Learn more


(LLMs) and generative AI is revolutionizing the finance industry by bringing advanced Natural Language Processing (NLP) capabilities to various financial tasks. They are trained on vast amounts of data and can be fine-tuned to understand and generate industry-specific content.

For AI in finance, LLMs contribute by automating mundane tasks, improving efficiency, and aiding decision-making processes. These models can analyze bank data, interpret complex financial regulations, and even generate reports or summaries from large datasets.

They offer the promise of cutting coding time by as much as fifty percent, which is a boon for developing financial software solutions. Furthermore, LLMs are aiding in creating more personalized customer experiences and providing more accurate financial advice, which is particularly important in an industry that thrives on trust and personalized service.

As the financial sector continues to integrate AI, LLMs stand out as a transformative force, driving innovation, efficiency, and improved service delivery.

Generative AI’s impact on tax and accounting 

Finance, tax, and accounting have always been fields where accuracy and compliance are non-negotiable. In recent times, however, these industries have been witnessing a remarkable transformation thanks to the emergence of generative AI, and I couldn’t be more excited to share this news. 

Leading the charge are the “Big Four” accounting firms. PwC, for instance, is investing $1 billion to ramp up its AI capabilities, while Deloitte has taken the leap by establishing an AI research center. Their goal? To seamlessly integrate AI into their services and support clients’ evolving needs.

But what does generative AI bring to the table? Well, it’s not just about automating everyday tasks; it’s about redefining how the industry operates. With regulations becoming increasingly stringent, AI is stepping up to ensure that transparency, accurate financial reporting, and industry-specific compliance are met. 


Read more about large language models in finance industry


The role of generative AI in accounting innovation

One of the most remarkable aspects of generative AI is its ability to create synthetic data. Imagine dealing with situations where data is scarce or highly confidential. It’s like having an expert at your disposal who can generate authentic financial statements, invoices, and expense reports. However, with great power comes great responsibility.

While some generative AI tools, like ChatGPT, are accessible to the public, it’s imperative to approach their integration with caution. Strong data governance and ethical considerations are crucial to ensuring data integrity, eliminating biases, and adhering to data protection regulations. 



On this verge, the finance and accounting world also faces a workforce challenge. Deloitte reports that 82% of hiring managers in finance and accounting departments are struggling to retain their talented professionals. But AI is riding to the rescue. Automation is streamlining tedious, repetitive tasks, freeing up professionals to focus on strategic endeavors like financial analysis, forecasting, and decision-making. 

Generative AI, including
Generative AI, including
Generative AI, including
ChatGPT is a game-changer for the accounting profession. It offers enhanced accuracy, efficiency, and scalability, making it clear that strategic AI adoption is now integral to success in the tax and accounting industry.

Real-world applications of AI tools in finance


LLMs in finance
LLMs in finance – Source Semantic Scholars



Vic.ai transforms the accounting landscape by employing artificial intelligence to automate intricate accounting processes. By analyzing historical accounting data, Vic.ai enables firms to automate invoice processing and financial planning.

A real-life application of Vic.ai can be found in companies that have utilized the platform to reduce manual invoice processing by tens of thousands of hours, significantly increasing operational efficiency and reducing human error​​​.


Scribe serves as an indispensable tool in the financial sector for creating thorough documentation. For instance, during financial audits, Scribe can be used to automatically generate step-by-step guides and reports, ensuring consistent and comprehensive records that comply with regulatory standards​.


Tipalti’s platform revolutionizes the accounts payable process by using AI to streamline invoice processing and supplier onboarding. Companies like Twitter have adopted Tipalti to automate their global B2B payments, thereby reducing friction in supplier payments and enhancing financial operations​.

FlyFin & Monarch Money

FlyFin and Monarch Money leverage AI to aid individuals and businesses in tax compliance and personal finance tracking. FlyFin, for example, uses machine learning to identify tax deductions automatically, while Monarch Money provides AI-driven financial insights to assist users in making informed financial decisions​.

Learn to build custom large language model applications today!                                                


Docyt, BotKeeper, and SMACC

Docyt, BotKeeper, and SMACC are at the forefront of accounting automation. These platforms utilize AI to perform tasks ranging from bookkeeping to financial analysis.

An example includes BotKeeper’s ability to process and categorize financial data, thus providing accountants with real-time insights and freeing them to tackle more strategic, high-level financial planning and analysis​.

These AI tools exemplify the significant strides being made in automating and optimizing financial tasks, enabling a focus shift toward value-added activities and strategic decision-making within the financial sector

Transform the industry using AI in finance

In conclusion, generative AI is reshaping the way we approach financial operations. Automation is streamlining tedious, repetitive tasks, freeing up professionals to focus on strategic endeavors like financial analysis, forecasting, and decision-making. Generative AI promises improved accuracy, efficiency, and compliance, making the future of finance brighter than ever.  

January 4, 2024

Over the past few years, a shift has shifted from Natural Language Processing (NLP) to the emergence of Large Language Models (LLMs). This evolution is fueled by the exponential expansion of available data and the successful implementation of the Transformer architecture. Transformers, a type of Deep Learning model, have played a crucial role in the rise of LLMs.

Significance of Large Language Models

LLMs are a transformative technology that has revolutionized the way businesses operate. Their significance lies in their ability to understand, interpret, and generate human language based on vast amounts of data. These models can recognize, summarize, translate, predict, and generate text and other forms of content with exceptional accuracy. LLMs broaden AI’s reach across industries, enabling new research, creativity, and productivity waves.


LLMs in finance
LLMs in finance – Source Semantic Scholars

Applications of LLMs in the finance industry

Applications of Large Language Models (LLMs) in the finance industry have gained significant traction in recent years. LLMs, such as GPT-4, BERT, RoBERTa, and specialized models like BloombergGPT, have demonstrated their potential to revolutionize various aspects of the fintech sector. These cutting-edge technologies offer several benefits and opportunities for both businesses and individuals within the finance industry.

1. Fraud detection and prevention:

LLMs powered by AI can analyze large volumes of financial data in real time, enabling more effective detection of fraudulent activities. By examining patterns and identifying unusual behaviors, LLMs can enhance fraud detection capabilities and reduce financial losses for businesses and individuals.

2. Risk assessment and management:

Financial institutions can leverage LLMs to evaluate risk levels associated with customers, loans, and investments with greater accuracy. By analyzing diverse data sources and incorporating advanced machine learning algorithms, LLMs enable more informed decision-making, minimizing potential risks.

3. Personalized customer service:

AI-driven chatbots and virtual assistants, powered by LLMs, can provide highly customized customer experiences in the finance industry. These conversational agents can handle a broad range of customer inquiries, offering tailored financial advice and resolving queries around the clock. By enhancing customer service capabilities, LLMs contribute to improved customer satisfaction and increased operational efficiency for financial institutions.

4. Efficient onboarding:

LLMs can assist in the onboarding process for new customers by guiding them through account setup, answering their questions, and providing personalized recommendations for financial products and services. This streamlined onboarding experience improves customer satisfaction and helps financial institutions acquire and retain customers more effectively.

5. Advanced financial advice:

LLMs enable financial advisors to offer customized financial guidance to their clients. By leveraging the capabilities of LLMs, advisors can provide personalized recommendations for investments, retirement planning, and other financial decisions. These AI-powered models assist clients in making well-informed decisions and enhance the overall quality of financial advice.

6. News analysis and sentiment detection:

LLMs, like BloombergGPT, are specifically designed for the finance industry. They can analyze news headlines, earnings reports, social media feeds, and other sources of information to identify relevant trends and patterns. These models can also detect sentiment in news articles, helping traders and investors make informed decisions based on market sentiment.

7. Data analysis and predictive analytics:

LLMs can analyze large amounts of financial data, identify patterns, and make accurate predictions. This capability is particularly valuable for tasks such as market forecasting, investment analysis, and portfolio optimization. By harnessing the power of LLMs, financial institutions can gain valuable insights and make data-driven decisions

How large language models can automate financial services

Large language models have the potential to automate various financial services, including customer support and financial planning. These models, such as GPT (Generative Pre-trained Transformer), have been developed specifically for the financial services industry to accelerate digital transformation and improve competitiveness.


Read about —> How LLMs (Large Language Models) technology is making chatbots smarter in 2023?


One example of a large language model designed for banking is SambaNova GPT Banking. This solution aims to address the deep learning deployment gap in the banking sector by jump-starting banks’ deep learning language capabilities in a matter of weeks, rather than years [1]. By subscribing to GPT Banking, banks can leverage the technology to perform various tasks:

1. Sentiment analysis:

GPT Banking can scan social media, press, and blogs to understand market, investor, and stakeholder sentiment.

2. Entity recognition:

It reduces human error by classifying documents and minimizing manual and repetitive work.

3. Language generation:

The model can process, transcribe, and prioritize claims, extract necessary information, and create documents to enhance customer satisfaction.

4. Language translation:

GPT Banking enables language translation to expand the customer base.

The deployment of large language models like GPT Banking offers several benefits to financial institutions:

5. Efficiency and time-saving:

By automating routine tasks, these models can enhance efficiency and productivity for financial service providers. AI-powered assistants can handle activities such as scheduling appointments, answering frequently asked questions, and providing essential financial advice, allowing human professionals to focus on more strategic and value-added tasks.

6. Personalized customer experience:

Large language models can provide instant and personalized responses to customer queries, enabling financial advisors to deliver real-time information and tailor advice to individual clients. This enhances the overall client experience and satisfaction.

7. Competitive advantage:

Embracing AI technologies like large language models can give financial institutions a competitive edge. Early adopters can differentiate themselves by leveraging the power of AI to enhance their client experience, improve efficiency, and stay ahead of their competitors in the rapidly evolving financial industry.

Upscale finance sector with LLMs

It’s worth noting that large language models can handle natural language processing tasks in diverse domains, and LLMs in the finance sector, they can be used for applications like robo-advising, algorithmic trading, and low-code development. These models leverage vast amounts of training data to simulate human-like understanding and generate relevant responses, enabling sophisticated interactions between financial advisors and clients.

Overall, large language models have the potential to significantly streamline financial services by automating tasks, improving efficiency, enhancing customer experience, and providing a competitive edge to financial institutions.

If you want to excel in Large Language Models, register today in our upcoming LLM Bootcamp.

register now

July 3, 2023

Related Topics

Machine Learning
Generative AI
Data Visualization
Data Security
Data Science
Data Engineering
Data Analytics
Computer Vision
Artificial Intelligence