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Deep learning in finance and banking: A literature review and classification

Author

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  • Jian Huang

    (The Hong Kong University of Science and Technology)

  • Junyi Chai

    (BNU-HKBU United International College)

  • Stella Cho

    (BNU-HKBU United International College)

Abstract

Deep learning has been widely applied in computer vision, natural language processing, and audio-visual recognition. The overwhelming success of deep learning as a data processing technique has sparked the interest of the research community. Given the proliferation of Fintech in recent years, the use of deep learning in finance and banking services has become prevalent. However, a detailed survey of the applications of deep learning in finance and banking is lacking in the existing literature. This study surveys and analyzes the literature on the application of deep learning models in the key finance and banking domains to provide a systematic evaluation of the model preprocessing, input data, and model evaluation. Finally, we discuss three aspects that could affect the outcomes of financial deep learning models. This study provides academics and practitioners with insight and direction on the state-of-the-art of the application of deep learning models in finance and banking.

Suggested Citation

  • Jian Huang & Junyi Chai & Stella Cho, 2020. "Deep learning in finance and banking: A literature review and classification," Frontiers of Business Research in China, Springer, vol. 14(1), pages 1-24, December.
    • Handle: RePEc:spr:fobric:v:14:y:2020:i:1:d:10.1186_s11782-020-00082-6
    DOI: 10.1186/s11782-020-00082-6
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    References listed on IDEAS

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