Arianna Miola, Bruno Spaccavento, Lorenzo Silotto +2cs.CL cs.AI cs.CE cs.IR
The comparative analysis of banks' financial statements poses significant challenges for automated question answering systems due to their complexity, substantial length, technical language, and inhomogeneity of both textual and numerical content across different jurisdictions and institutions. We introduce FinRAG-QA, a novel benchmark dataset for financial question answering, which comprises 999 practitioner-curated questions on 10 standardised indicators, grounded in 209 annual and Pillar 3 reports from 24 major European and U.S. banks spanning 2019-2023. Unlike prior financial QA benchmarks, which centre on U.S. filings and single-institution analysis, FinRAG-QA targets cross-institutional retrieval over documents averaging 198k words, longer than any existing financial QA resource. On this benchmark we evaluate a multi-stage RAG pipeline and isolate the contribution of each component. Contextual chunk enrichment combined with a retrieval-optimised embedding model raises NDCG@10 from 0.322 to 0.710; conditional on the ground truth being retrieved, a reasoning-optimised generator raises answer accuracy from 44.6% to 79.0% (+34.4 percentage points), at roughly 20x the generation latency. We further show that cross-encoder reranking degrades retrieval when the first-stage ranking is already strong, and that a single top-ranked chunk outperforms larger contexts at generation time. Experiments were run in late 2024-early 2025 with the models available at that time.
Retrieval over visually rich documents has a representation problem: important content often lives in tables, charts, figures, and layout relations that plain OCR linearizes, corrupts, or omits. ColPali-family visual retrievers address this with patch-level multi-vector indexes and late-interaction scoring, keeping image-derived retrieval on the query-time serving path. We introduce MIDR (Multimodal Indexing for Document Retrieval), a training-free framework for enrichment-augmented indexing that shifts multimodal reasoning to index time. During ingestion, a multimodal LLM converts rendered pages into verified textual fields that are indexed with BM25F and optionally fused with dense retrieval, enabling text-centric serving over multimodally grounded evidence. On ViDoRe V3, MIDR Hybrid achieves 0.6219 average nDCG across five English domains, a 23.0% relative gain over BM25, remaining competitive with ColQwen2.5. On two French-document domains, enrichment bridges English queries and French page text, lifting BM25 from 0.1532 to 0.5448 nDCG and outperforming ColQwen2.5. Across all seven domains, MIDR leads ColQwen2.5 on four while using approximately 9x smaller index memory and approximately 2x lower query latency. These results establish index-time multimodal reasoning as a compelling accuracy-deployment alternative to serving-time visual late interaction.
Multimodal models often build on architectures designed for generative vision-language modeling, typically combining separately pretrained vision encoders with causal language models. Visual document retrievers such as ColPali repurpose these models as encoders, carrying over the parameter and compute overhead of a VLM for a non-generative task. We introduce NeoMME, a family of 260M and 800M-parameter Multimodal and Multilingual bidirectional Encoders that process multilingual text and raw image patches in a single bidirectional Transformer encoder. Both models are pretrained from scratch with a masked discrete-diffusion text objective, conditioned on visible image patches for multimodal examples. Both support a 16,384-token context, enough to encode up to two standard 4K UHD images. To demonstrate its downstream capabilities, we fine-tune NeoMME with jointly trained dense and late-interaction heads. On the ViDoRe v3 benchmark, the resulting NeoMME-Retriever 260M outperforms all evaluated models strictly below 800M parameters with 0.523 nDCG@10, while NeoMME-Retriever 800M reaches 0.556. At a matched 2048x2048 image input size on an NVIDIA L40S, NeoMME-260M encodes pages with about 2x the throughput of ColModernVBERT. Hierarchical token pooling and asymmetric quantization compress late-interaction multimodal document embeddings by 255x while preserving over 95% of baseline nDCG@10. We contribute NeoMME to Hugging Face Transformers and release the pretrained backbone and retrieval-compatible checkpoints under Apache 2.0 at https://hf.co/collections/Hcompany/neomme.
Lexiang Hu, Yanzhao Zhang, Mingxin Li +5cs.IR cs.AI cs.CV
Visually rich documents encode relevance through language, layout, structured visual elements, and corpus context, yet retrieval is typically evaluated by one-shot query--page matching. Agentic-search benchmarks usually score downstream question answering or report generation, leaving document ranking under iterative evidence acquisition underexplored. We introduce VisDocAgentBench, a closed-corpus benchmark comparing static and agentic retrieval under a shared ranked-output contract. It contains 2,375 pages from 100 documents and 120 unique-target queries balanced across direct, one-bridge, and two-bridge evidence structures. Relation-preserving construction yields semantic, relational, and visual queries, followed by full-document review and hard-negative validation. A strong late-interaction visual retriever reaches 97.50% Recall@1 on direct items but 2.50% on two-bridge items, exposing the limits of query--target matching when relevance depends on corpus context. Agents recover much of this loss, but planner choice and retrieval representation remain decisive. Every planner performs better with visual retrieval, whose best R@1 reaches 67.50% versus 37.50% for OCR-text. Ablations identify iterative search and page inspection as consequential capabilities, and providing the complete support context improves ranking on both routes. Trace analysis localizes the remaining losses to target discovery, candidate examination, and evidence-role integration. These findings motivate retrieval agents that combine modality-preserving discovery with evidence-directed verification.
Multimodal document retrieval aims to retrieve relevant pages while preserving both textual and visual content from the original document. However, existing benchmarks primarily evaluate simple lexical or semantic matching, and most methods encode pages independently. Consequently, they overlook the contextual information in the document required to resolve queries that aggregate information across multiple pages. In this paper, we introduce CMDR and CMDR-Bench, a new multimodal document retrieval task and benchmark that require modeling document context. To address this challenge, we propose CMDR-Embed, a contextual multimodal embedding framework that explicitly incorporates document context by jointly encoding multiple pages and deriving page-level embeddings from a shared contextual representation. Furthermore, we introduce CMCL, a contextual multimodal contrastive learning objective that effectively trains CMDR-Embed by balancing contextual modeling with page-level discriminability. Experiments demonstrate that CMDR-Embed significantly outperforms non-contextual embeddings, highlighting the importance of context-aware multimodal embeddings for advancing document retrieval.
Vision Language Models have achieved near-human performance on single-document Visual Question Answering, yet their effectiveness degrades significantly when retrieving information from large collections of visually homogeneous documents. Existing multi-document benchmarks aggregate diverse document types, creating artificial separation in embedding space that does not reflect enterprise document repositories where thousands of records share identical visual templates. We identify this as embedding collapse and introduce Invoice Haystack, a benchmark with 1,500 anonymized invoice images paired with 200 discriminative question-answer pairs, specifically designed to stress-test retrieval under strong visual homogeneity. Invoice Haystack exhibits a mean pairwise cosine similarity of 0.73, compared to 0.38 (DocHaystack) and 0.31 (InfoHaystack) in existing benchmarks, posing a fundamentally more challenging retrieval problem. Addressing the identified challenge, we propose VL-RAG, a hybrid retrieval-augmented generation framework that jointly leverages text and visual embeddings to harness the complementary strengths of both modalities, followed by a VLM-based verification filter for precise document identification. VL-RAG achieves 60.0\% Recall@1 on Invoice Haystack-500, outperforming existing state-of-the-art method by up to an absolute 13.5 percentage points. It further improves retrieval considerably on DocHaystack-1000 (77.1\% vs.\ 75.2\%) and InfoHaystack-1000 (84.5\% vs.\ 80.0\%), establishing the proposed dual-stream fusion as a consistently superior retrieval strategy across both homogeneous and heterogeneous document collections.
Retrieval over visually-rich documents, pages that interleave text with figures, tables, and charts, is essential for multimodal retrieval-augmented generation, yet most retrievers still discard the visual channel. The \emph{Multimodal Document Retrieval Challenge}, Track~1 of the MIR Challenge at the first EReL@MIR workshop, co-located with The Web Conference 2025, asks participants to build a \emph{single} retrieval system that handles two complementary regimes: closed-set document page retrieval within long documents from a text query (MMDocIR), and open-domain retrieval of Wikipedia-style passages from an image or image-plus-text query (M2KR). Systems are ranked by the macro-average of mean Recall@$\{1,3,5\}$ over the two tasks. The challenge drew 455 entrants and 586 submissions across 22 teams. This report describes the challenge design, datasets, and evaluation protocol; reports the final standings; and analyses the three winning teams' systems. All three build on decoder-based Multimodal-LLM embedders from the Qwen2-VL family rather than on CLIP-style encoders, and differ chiefly in whether they reach the top through fine-tuned ensembles, training-free multi-route fusion with a strong vision-language re-ranker, or zero-shot late interaction. The training-free system finished within $0.1$ point of the fine-tuned winner.
Linus Ng Junjia, Ezekiel Tee Kongquan, Kelvin Heng +2cs.CL
Corporate credit underwriting requires analysts to extract actionable evidence from long, heterogeneous financial documents spanning hundreds of pages and multiple languages. Standard Retrieval-Augmented Generation (RAG) pipelines optimize for semantic similarity, which frequently surfaces passages that are topically related but lack decision utility, a problem we term the similarity-utility gap. We propose a two-phase non-parametric retrieval architecture that separates high-recall candidate retrieval from high-precision utility ranking. The first phase combines lexical and dense multilingual retrieval to construct a broad candidate pool. The second phase applies an adaptive retrieval controller that filters candidates using query intent and document structure signals, followed by an LLM-as-a-Judge utility scoring mechanism that ranks passages by analytical usefulness rather than semantic proximity. A context-aware extraction module preserves structural fidelity across narrative text and complex financial tables. The system is deployed entirely on-premise to satisfy enterprise data governance requirements. Evaluated on a multilingual corpus of proprietary financial documents with analyst-curated relevance labels, the system significantly outperforms naive retrieval baselines. In production deployment across more than 800 credit analysts, document review time was reduced from several hours to approximately three minutes, demonstrating the practical value of utility-aware RAG architectures for document-intensive decision-support workflows.