A Review on Large Language Models and Generative AI in Banking

Daniel Staegemann, Christian Haertel, Christian Daase, Matthias Pohl, Mohammad Abdallah, Klaus Turowski

2025

Abstract

Since ChatGPT was presented to the public in 2022, generative artificial intelligence and especially large language models (LLM) have attracted a lot of interest in academia and industry alike. One of the arguably most interesting domains in that regard is banking. This is because it could, theoretically, heavily benefit from their application but also brings very strict regulations and demands. To provide an overview of the current state of research in this field of tension, a literature review across four major scientific databases was conducted and the identified papers were analysed to, inter alia, determine, which types of studies are common, for which tasks the use of LLMs is explored, and which challenges and concerns became apparent. Further, the findings are discussed and some general observations are made.

Paper Citation

in Harvard Style

Staegemann D., Haertel C., Daase C., Pohl M., Abdallah M. and Turowski K. (2025). A Review on Large Language Models and Generative AI in Banking. In Proceedings of the 7th International Conference on Finance, Economics, Management and IT Business - Volume 1: FEMIB; ISBN 978-989-758-748-1, SciTePress, pages 267-278. DOI: 10.5220/0013472600003956

in Bibtex Style

@conference{femib25,
author={Daniel Staegemann and Christian Haertel and Christian Daase and Matthias Pohl and Mohammad Abdallah and Klaus Turowski},
title={A Review on Large Language Models and Generative AI in Banking},
booktitle={Proceedings of the 7th International Conference on Finance, Economics, Management and IT Business - Volume 1: FEMIB},
year={2025},
pages={267-278},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0013472600003956},
isbn={978-989-758-748-1},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 7th International Conference on Finance, Economics, Management and IT Business - Volume 1: FEMIB
TI - A Review on Large Language Models and Generative AI in Banking
SN - 978-989-758-748-1
AU - Staegemann D.
AU - Haertel C.
AU - Daase C.
AU - Pohl M.
AU - Abdallah M.
AU - Turowski K.
PY - 2025
SP - 267
EP - 278
DO - 10.5220/0013472600003956
PB - SciTePress