AI in Money Matters

2025-05-12

AI Summary

This study investigates the adoption, practical potential, and implementation challenges of large language models (LLMs)—particularly ChatGPT—in fintech, a highly regulated domain where AI accountability, transparency, and compliance are critical. Method: Employing semi-structured in-depth interviews with frontline practitioners and thematic coding analysis, the study systematically captures authentic perceptions and usage experiences to construct a professional discourse context model. Contribution/Results: Findings reveal broad acknowledgment of LLMs’ long-term strategic value, yet significant concerns persist regarding regulatory compliance, model interpretability, and liability attribution. Current deployment remains confined to non-core auxiliary tasks—such as documentation and customer service—without integration into mission-critical functions like risk management or robo-advisory. This work constitutes the first empirical investigation of LLM adoption in a regulated industry, bridging a critical gap in AI social impact research. It advances the field from a technology-centric paradigm toward a profession-centric framework and provides empirically grounded insights to inform responsible AI governance and policy design.

Technology Category

• Machine Learning: Large Multimodal Models (LMMs)
• Natural Language Processing: (Large) Language Models
• Philosophy and Ethics of AI: Accountability, Interpretability & Explainability

Application Category

• User Modeling, Personalization and Recommendation: Large Language Models (LLM) for user modeling and recommendation
• Social Networks and Social Media: Generative AI / large language models and their impact on social systems
• Semantics and Knowledge: Data modeling to support human-machine intelligence, including LLMs agents, intelligent system behavior, explanations, and user-friendly interactions

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.

Problem

• Examining adoption of large language models in Fintech
• Assessing regulatory challenges for AI in finance
• Exploring professional viewpoints on ChatGPT usage

Innovation

• Empirical investigation via Fintech professional interviews
• Analysis of large language models adoption in Fintech
• Exploration of regulatory challenges in AI integration