Setu launched India’s first large language model (LLM) in partnership with Sarvam AI, packed with various features to support the Banking, Financial Services and Insurance (BFSI) sectors. This AI model has been developed in collaboration with AI research firms Sarvam AI and FinTech Setu. The event was hailed as a “ChatGPT moment” in financial services.
This model can support various functionalities of BFSI sectors. This groundbreaking initiative marks a significant milestone in the adoption of new-age Advanced AI technologies in the BFSI sector, enhancing productivity within the financial industry.
The New AI Advancement in BFSI Sector
The launch of the first Large Language model, especially for the BFSI, aims to make some significant changes, enhancing acceptance of Artificial Intelligence, customer experience, and efficiency in the Financial Service Industry. The global AI market in BFSI touched US$ 19.5 Billion in 2023 and is expected to rise even more in the coming years. According to the CAGR predictions, the growth rate of AI in the BFSI sector can reach over 30.3% between 2024 and 2032.
The AI evolution marked a special height with the launch of the first AI model resembling chatGPT. This event has a bigger significance, similar to the launch of ChatGPT in the public market. The announcement was made at the Adbhut event organized by the non-profit People+ai, in the presence of Mr. Nandan Nilekani (Co-founder & CEO- EKStep Foundation), Mr. Tanuj Bhojwani (Head-People+ai), and other prominent figures from different leading fintech, AI and digital firms. By combining the Large Langauge Model with the BFSI workflow, enterprises can empower themselves to make smart and informative decisions and provide personalized financial services to their customers.
Sesame Launch: Key Takeaways
- Sesame is India’s first Large language model for the BFSI Sector enhancing financial services.
- Sesame was launched by Setu, a substitute of Pine Labs Group, in collaboration with Sarvam AI.
- The launch was announced at an Adhbut event organized by a Non-Profit organization, People+AI.
- The event was in the presence of influential people, such as Mr Nandan Nilekani (Co-founder & CEO- EKStep Foundation), Mr Tanuj Bhojwani (Head-People+ai), and other prominent figures from different leading fintech, AI and digital firms.
What do Experts have to Say?
Setu is a leading fintech company and a substitute for Pine Labs Group, focused on providing support to new startups, small businesses and self-employed financials. Setu and Sarvam came together and trained a Large language model using custom data highly relevant to the BFSI sector. The aim of this model is to provide personalized financial services to its customers and improve financial services within BFSI sector.
“At Setu, our mission is to democratise financial services,” said Nikhil Kumar, Co-founder of Setu. “We believe that the powerful combination of the Account Aggregator framework and transformative technologies like Large Language Models (LLMs) is the key to making this a reality. Just as India has led the way with groundbreaking innovations like Aadhaar and UPI, we are excited to build meaningful, compliant, and responsible AI applications that showcase India’s leadership in Applied AI,” added Nikhil Kumar.
As per the Co-Founder of Setu, this innovative step in the BFSI sector aims at achieving more efficiency and productivity in financial services. This LLM model is set to bring revolutions and showcase India’s stand in Applied AI, like the UPI payment system in India. With the integration of AI in the BFSI space, we can increase the accuracy of extracting insights from financial statements both internally and externally in a compliant manner.
“Generative AI represents a significant step change in the nature of computation. What can be done with one rupee of compute is now dramatically more valuable,” said Pratyush Kumar, Co-founder of Sarvam AI.”
Pratyush Kumar, the CEO of Sharvan AI company mentioned at the event.
“Our collaboration with Setu is an example of bringing this technology to create value in the BFSI space. We showed that we can significantly increase the accuracy of identifying insights from financial statements. This is a template which we believe can be repeated across sectors where India has created foundational digital public goods.”
What Changes to Expect with Sesame in the BFSI Sector?
Sesame is the first Indian BFSI Large Langauge Model in the BFSI Sector. This significant development in the BFSI sector is set to bring major changes, providing various features such as fraud detection, informed credit decisions, loan monitoring, credit underwriting, cross-sell, upsell, personal financial advisory and more. Setu and Sarvam AI created Sesame from the relevant custom data from the BFSI sector, combining specific LLMs with delivery models.
- Sesame is set to bring revolutionary changes to the BFSI Sector by combining the power of artificial intelligence with delivery models.
- It leverages consent-based data for credit analysis and customer profiling.
- Improved customer experience with advanced and user-friendly features.
- Highly personalised financial advice and recommendations.
- Fraud detection models using advanced analytics and real-time monitoring.
- More competition in the sector with open banking, where third parties can access customer data.
- There is a major need to upskill your skillset in the BFSI Sector to increase your productivity by 10x in your work.
Sesame BFSI Sector FAQs
What is Sesame?
Sesame is the first Large Language Model (LLM) built by Setu in collaboration with Sarvam AI using custom data relevant to the BFSI Sector. This significant exposure to AI will help improve the customer experience, fraud detection, personalized recommendations and more.
Who launched Sesame?
Sesame was launched at an event in Adbhut, India organized by People + AI ( Non-Profit Organization). It is India’s first Large Language Model Platform for the banking, financial services and Insurance sectors.
What are the features of Sesame?
Sesame is an LLM model that offers enhanced customer interaction and automation to improve fraud detection, fetching data, extracting insights, risk management, analysis, and more.
