AI in Money Matters

TL;DR

This paper explores how professionals in the Fintech industry perceive and potentially adopt large language models like ChatGPT, highlighting regulatory concerns and future opportunities through empirical interviews.

Contribution

It provides new insights into professional viewpoints on LLM adoption in Fintech, an area previously underexplored in academic discussions.

Findings

Fintech experts see potential in LLMs for future use.

Regulatory concerns hinder immediate adoption.

Professional perspectives are crucial for understanding LLM integration.

Abstract

In November 2022, Europe and the world by and large were stunned by the birth of a new large language model : ChatGPT. Ever since then, both academic and populist discussions have taken place in various public spheres such as LinkedIn and X(formerly known as Twitter) with the view to both understand the tool and its benefits for the society. The views of real actors in professional spaces, especially in regulated industries such as finance and law have been largely missing. We aim to begin to close this gap by presenting results from an empirical investigation conducted through interviews with professional actors in the Fintech industry. The paper asks the question, how and to what extent are large language models in general and ChatGPT in particular being adopted and used in the Fintech industry? The results show that while the fintech experts we spoke with see a potential in using large language models in the future, a lot of questions marks remain concerning how they are policed and therefore might be adopted in a regulated industry such as Fintech. This paper aims to add to the existing academic discussing around large language models, with a contribution to our understanding of professional viewpoints.