Setu, a leading Indian fintech company and part of the Pine Labs Group, has unveiled India's First Large Language Model

Description

Setu, a renowned Indian fintech firm and a member of the Pine Labs Group, has announced Sesame, India's first Large Language Model (LLM) tailored to the banking, financial services, and insurance (BFSI) industry. This breakthrough effort, developed in conjunction with indigenous AI research business Sarvam AI, represents a huge step forward in the deployment of advanced AI technology in the financial services industry.

A "ChatGPT Moment" For The BFSI

Sesame was unveiled at Adbhut India, an event hosted by the non-profit People+ai, in the presence of important figures from the fintech, AI, and digital public infrastructure sectors, including Nandan Nilekani, Shankar Maruwada, and Tanuj Bhojwani. Setu and Sarvam AI have referred to this discovery as a "ChatGPT moment" for the BFSI sector, emphasizing its potential to transform financial services.

Leveraging India's Digital Infrastructure

Sesame uses the rich data ecosystem made possible by India's digital infrastructure to support a variety of functions, including better credit underwriting, fraud detection, loan monitoring, upsell or cross-sell, and personal finance advisory. Setu and Sarvam AI established a domain- and region-specific solution by integrating a domain-specific LLM with delivery methods, tailoring it to the unique requirements of India's BFSI sector.

Using Financial Data Responsibly

One of Sesame's primary assets is its ability to leverage massive volumes of financial data available both internally and externally in a compliant manner. This method enables enterprise customers to make more informed and timely credit decisions while also providing hyper-personalized financial services to their consumers throughout their entire lifecycle.

Innovators Behind Sesame

Sarvam was created in July 2023 by Vivek Raghavan and Pratyush Kumar, who formerly worked for Infosys co-founder Nandan Nilekani's AI4Bharat. Sarvam creates a full-stack offering for Generative AI, from research-led advances in training custom AI models to an enterprise-grade platform for writing and deployment. Lightspeed provided the startup with approximately $41 million in funding.

A Vision For Smarter Financial Services

Sahil Kini and Nikhil Kumar created Setu in 2018 as an API infrastructure provider that offers services such as bill payments, savings, credit, and payments. Setu, which is licensed by the Reserve Bank of India to operate as an account aggregator, collaborates closely with banks, insurance companies, lending organizations, AMCs, and other financial institutions to integrate financial architecture.

Setu's Sesame platform seeks to empower BFSI clients to make smarter and faster credit choices, while also providing hyper-personalized financial services across the customer lifecycle.

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