FinGPT: Democratizing Internet-scale Data for Financial Large Language Models

TL;DR

This paper introduces FinGPT, an open-source framework that democratizes access to real-time financial data for training large language models, enabling innovative applications in finance through data curation, fine-tuning strategies, and low-cost customization.

Contribution

The paper presents FinGPT, a comprehensive, open-sourced data collection and fine-tuning framework for financial LLMs, addressing data scarcity and enabling accessible development of FinLLMs.

Findings

Successfully collected data from 34 sources for FinGPT

Demonstrated effective fine-tuning using RLSP with market feedback

Enabled applications like robo-advisors and sentiment analysis

Abstract

Large language models (LLMs) have demonstrated remarkable proficiency in understanding and generating human-like texts, which may potentially revolutionize the finance industry. However, existing LLMs often fall short in the financial field, which is mainly attributed to the disparities between general text data and financial text data. Unfortunately, there is only a limited number of financial text datasets available, and BloombergGPT, the first financial LLM (FinLLM), is close-sourced (only the training logs were released). In light of this, we aim to democratize Internet-scale financial data for LLMs, which is an open challenge due to diverse data sources, low signal-to-noise ratio, and high time-validity. To address the challenges, we introduce an open-sourced and data-centric framework, Financial Generative Pre-trained Transformer (FinGPT), that automates the collection and curation of real-time financial data from 34 diverse sources on the Internet, providing researchers and practitioners with accessible and transparent resources to develop their FinLLMs. Additionally, we propose a simple yet effective strategy for fine-tuning FinLLM using the inherent feedback from the market, dubbed Reinforcement Learning with Stock Prices (RLSP). We also adopt the Low-rank Adaptation (LoRA, QLoRA) method that enables users to customize their own FinLLMs from general-purpose LLMs at a low cost. Finally, we showcase several FinGPT applications, including robo-advisor, sentiment analysis for algorithmic trading, and low-code development. FinGPT aims to democratize FinLLMs, stimulate innovation, and unlock new opportunities in open finance. The codes have been open-sourced.