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Wednesday, May 29, 2024

Open-source LLM for finance: FinGPT

Why is this significant? why is it necessary?

The transformer has transformed artificial intelligence, and in the last two years, the number of LLMs has grown almost rapidly, making it nearly impossible to stay up. Why not employ LLMs in finance as well, considering how profitably they can be used in other applications?

Speak about money

Artificial intelligence has caught investors’ attention thanks to ChatGPT. On the one hand, this led Google to accelerate the Bard project, but the community itself hasn’t been sitting still, as evidenced by the emergence of several open-source model projects.

Why not introduce LLMs within the finance sector given the potential?

Undoubtedly, there are a multitude of reasons to create a model in the financial industry. For instance:

Chatbots could be used to provide constant user contact.
The use of deep fakes and other technology in fraud detection has increased, making old techniques ineffective. For detection, LLMs and other AI algorithms might be utilized.
predictive evaluation. Better forecasting (from stocks to reports) may be possible with AI.

credit risk control. In the crucial area of risk management, fintechs would profit from accurate models that support analysts.
Numerous businesses have created numerous NLP applications in the banking industry for these and other reasons.

Bloomberg recently constructed an LLM utilizing BLOOM as a base (an open-source LLM, equivalent to GPT-3). A model with 70 layers was trained using a sizable dataset (the largest dataset specifically intended for…

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