FinGPT, the first Open-Source Financial LLM (01/2024)
Meet FinGPT, an open-source financial large language model (LLMs) that aims to democratize Internet-Scale financial data, providing researchers and practitioners with accessible resources to develop FinLLMs and build the future of finance. Which is open.
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Large language models (LLMs) have shown massive potential for revolutionizing natural language proc. Yet, accessing high-quality financial data is one of the biggest challenges for financial LLMs (FinLLMs).
While proprietary models like BloombergGPT have taken advantage of their unique data accumulation, such privileged access calls for an open-source alternative to democratize Internet-scale financial data.
This is where FinGPT comes into play aiming to disrupt the finance sector.
Unlike proprietary models, FinGPT takes a data-centric approach and focuses on accessible and transparent resources to develop FinLLMs.The FinGPT pipeline involves the collection of extensive financial data from a wide array of online sources. These include, but are not limited to the following:
- Financial news: websites such as Reuters, CNBC, and Yahoo Finance, among others, are rich sources of financial news and market updates.
Social media: platforms such as Twitter, Facebook, Reddit, Weibo, and others, offer a wealth of information in terms of public sentiment, trending topics, and immediate reactions to financial news and events.
Filings: websites of financial regulatory authorities, such as the SEC in the United States, offer access to company filings.
Trends: websites like Seeking Alpha, Google Trends, and other finance-focused blogs and forums provide access to analysts’ opinions, market predictions, the movement of specific securities or market segments, and investment advice.
The USP Potential applications of FinGPT and FinLLMs include:
Robo-advising
- Algorithmic trading
- Low-code development & more!
And this is just the tip of the iceberg. Given its open-source, FinGPT will continue to stimulate innovation, democratize FinLLMs, and unlock new opportunities in open finance.
This will undoubtedly be a game-changer for finance as we know it. At the core, open-source financial LLMs have the potential to revolutionize the future of finance by democratizing access to advanced financial expertise and insights. These FinLLMs, built on open-source frameworks, offer a range of benefits, the most important of which is increased transparency, collaboration, and innovation in the financial services industry. In addition to the aforementioned use cases, they enable individuals and organizations to leverage powerful language models for tasks such as financial analysis, risk assessment, portfolio management, and regulatory compliance. But most importantly, the open-source nature of these FinLLMs encourages developers and researchers to contribute and improve the models, fostering a collective intelligence that drives continuous advancements in the financial technology space. Looking ahead, open-source financial LLMs have a massive potential to level the playing field, empower users with sophisticated financial capabilities, and pave the way for more inclusive and efficient financial systems of the future. Systems that are built on Open Finance.
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At ECEBiS you are going to understand what will change the trajectory of the financial industry. You will develop a transversal view on the forces that are shaping the future financial industry.
From payments and lending to investment and money management, tech providers are actively shaping the future of the financial landscape - even pushing the boundaries of currency itself. You might evaluate the impact of robo-advising on health management and examine portfolio recommendations from a diversified set of RAs and attempt to identify the factors behind proposed splits between asset classes.
ECEBiS is a platform in academic research on new business models and innovative products. We investigate in fast moving sectors that are reshaping the financial world of tomorrow and pioneering new ways of doing business. We want to attract outstanding ECEBiS students in finance with experiences and exposures, who intend to
Doctorate of Business Administration (DBA) in Finance (online, 3 years part-time)
develop knowledge on challenges that shape the future of financial industry
engage with a program that offers the convenience of online learning with the benefits of accreditation and global reach.
raise awareness on the importance of fintech and sustainability in finance
identify the best practices in the financial industry to spread positive changes
Go beyond the virtual classroom and network with other ambitious executives and entrepreneurs as you expand your credibility and expertise in the world’s most transformative fields.