Toward Structured Financial Foundation Models

Foundation models promise reusable capabilities and step-change performance gains across tasks. In finance, large-scale pretraining of domain-specialized foundation models can advance both goals. However, prevailing architectures and objectives do not by themselves address the combined demands of financial systems: partial observability, interacting entities, asynchronous events, changing regimes, action-dependent outcomes, and rare states with disproportionate consequences. Moreover, independently developed specialists may learn incompatible representations, while multi-domain monolithic alternatives couple data access, model updates, and governance. We therefore propose a structured-data-first research agenda centered on modular, domain-specialized financial foundation models connected by a representation fabric for reuse and composition across domains and tasks. These models should maintain persistent financial state across aggregation levels and time horizons, capture its dynamics, and simulate action-conditioned futures, while remaining calibrated across regimes and for tail outcomes. They must also learn efficiently under data and access constraints and provide faithful, traceable explanations. We identify research challenges, directions, and capability-oriented evaluation criteria.