Large Language Models (LLMs) have the potential to transform the finance sector within the next two years, according to research by The Alan Turing Institute. LLMs can enhance efficiency and safety by quickly analyzing data and generating coherent text, enabling them to detect fraud, generate financial insights, and automate customer service. The technology also has applications in healthcare, law, and education. The finance industry is already deploying LLMs for tasks including reviewing regulations and delivering advisory and trading services. However, challenges remain around regulatory compliance and the need for explanations and predictable outputs. Collaboration between professionals, regulators, and policymakers is encouraged to address these concerns.

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