Authors:
Daniel Staegemann
1
;
Christian Haertel
1
;
Christian Daase
1
;
Matthias Pohl
2
;
Mohammad Abdallah
3
and
Klaus Turowski
1
Affiliations:
1
Magdeburg Research and Competence Cluster VLBA, Otto-von-Guericke University Magdeburg, Magdeburg, Germany
;
2
Institute of Data Science, German Aerospace Center (DLR), Jena, Germany
;
3
Department of Software Engineering, Al-Zaytoonah University of Jordan, Amman, Jordan
Keyword(s):
Generative AI, GenAI, Large Language Model, LLM, Literature Review, Banking, Finance.
Abstract:
Since ChatGPT was presented to the public in 2022, generative artificial intelligence and especially large language models (LLM) have attracted a lot of interest in academia and industry alike. One of the arguably most interesting domains in that regard is banking. This is because it could, theoretically, heavily benefit from their application but also brings very strict regulations and demands. To provide an overview of the current state of research in this field of tension, a literature review across four major scientific databases was conducted and the identified papers were analysed to, inter alia, determine, which types of studies are common, for which tasks the use of LLMs is explored, and which challenges and concerns became apparent. Further, the findings are discussed and some general observations are made.