Large Language Models (LLMs) have the potential to improve efficiency and safety in the finance sector by detecting fraud, generating financial insights and automating customer service, according to research by The Alan Turing Institute.

Because LLMs have an ability to analyse large amounts of data quickly and generate coherent text, there is growing understanding of the potential to improve services across a range of sectors including healthcare, law, education and in financial services including banking, insurance and financial planning.

This report, which is the first to explore the adoption of LLMs across the finance ecosystem, shows that people working in this area have already begun to use LLMs to support a variety of internal processes, such as the review of regulations, and are assessing its potential for supporting external activity like the delivery of advisory and trading services.

Alongside a literature survey, researchers held a workshop of 43 professionals from major high street and investment banks, regulators, insurers, payment service providers, government and legal professions.

The majority of workshop participants (52%) are already using these models to enhance performance in information-orientated tasks, from the management of meeting notes to cyber security and compliance insight, while 29% use them to boost critical thinking skills, and anoth