Large Language Models such as ChatGPT are without doubt the most significant development of the last year. The speed with which Chat GPT is capturing the user base and imagination of public is unrivalled in history: in just 5 days after its opening to the public, ChatGPT has
gathered over 1 million of users – something Spotify managed to do in 5 months and Netflix in 5 years. ChatGPT is the talk of the day, also in financial institutions’ hallways and boardrooms.

In this white paper, we outline those areas of financial services where we think Large Language Models will be applied in the near future, and discuss challenges associated with these applications.