Large Language Models in Financial Services

Consensus building on the potential impact of Large Language Models (LLMs) in financial services

Project status

Ongoing

Introduction

It is impossible not to notice the level of interest and concern generated by LLMs both within financial services and across society at large. Many organisations are wrestling to understand the impact these technologies will have on their operations, and governments around the world are trying to move quickly to harness their capability and limit the potential harms.  

It is therefore timely and important to understand the likelihood, significance and timing of the impact of these technologies on the financial services sector and beyond. Our work seeks to provide a greater understanding of how LLMs can support and disrupt the nation’s economic resilience. 

Explaining the science

HSBC and the Alan Turing Institute have undertaken some recent research under the FAIR Prosperity Partnership to understand the challenges of using LLMs responsibly, cutting across each of the five pillars of the FAIR programme (Robustness and Resilience; Privacy and Security; Fairness and Transparency; Verification and Accountability; and Integration Environment). The Partnership aimed to provide HSBC with knowledge and understanding of how the technology can be used both for and against their successful business operation.  This project seeks to broaden the scope of this work across the financial services sector and the nation.

Project aims

We will begin by organising and hosting an interactive workshop at the FCA with key stakeholders from across financial services represented. In this session we discuss LLMs and their application along with the findings of the HSBC LLM report. We will work to gather opinions from the group regarding the likelihood, significance and timing of the technological impact.  

After the workshop, the research team will work to compile a report that builds on the HSBC/Turing report bringing in the viewpoints of the other workshop participants creating broader relevance and application to the whole of financial services. Our researchers will host follow up engagement activities throughout the project period with individual participants to gather further insight on the topic as well as iterating with the group on the final report.  

 

At the conclusion of the project, we host an event to launch the report, inviting representatives from across the financial services sector, not restricted to those who participated in the project, as well as broader industry, government, academia and regulators.

Organisers

Collaborators

Researchers and collaborators

Contact info

For more details, or to register your interest, please contact [email protected].

Funders