Since the public’s introduction to large language models, with the release of ChatGPT last November, the development of new LLMs has advanced rapidly. A new open-source LLM specializing in finance has been released. Meet, FinGPT, the latest in advancing financial research, cooperation, and innovation.
FinGPT’s approach is simple. Promote data accessibility and lay the foundation for open finance practices that could reshape how machine learning, AI, and LLMs are used in the financial sector. Of course, FinGPT isn’t the first industry-specific LLM to come out recently.
Though not specific to finance, the challenge comes to play when it comes to extracting specialized financial data. From APIs, photos, web platforms PDF documents, and Excel files, all of this data is critical when it comes to training language models specific to the banking and finance industry.
Over the last few months, many companies have worked to create new LLMs that can work in specific niches and industries. The reasoning, of course, is an LLM that is less than a “jack of all trades” and more of a model that can effectively work with financial data.
So it’s no surprise to see something such as FinGPT be released. That’s because it has the potential to deal with challenges unique to finance data. This includes getting data, data storage, data quality, and of course keeping up with new information. Much of this is due to having to extract historical data.
According to the paper, FinGPT aspires to democratize access to financial data and FinLLMs. To overall goal is that FinGPT will act as the spark to ignite data science-specific innovation within the finance industry. As mentioned above, FinGPT is open-source and the team hopes that its position will help create a strong ecosystem of cooperation within the open-source AI4Finance community.
A trained model is expected to be released sometime in the near future.
If you’re interested in learning more about FinGPT, you can watch the video below: