- Setu, backed by Pine Labs, introduces Sesame, a domain-specific Large Language Model (LLM) for BFSI sectors.
- Collaborative effort with Sarvam AI ensures cutting-edge AI solutions tailored for financial industries.
- Sesame promises smarter credit decisions, personalized financial services, and enhanced fraud detection.
- Live demonstration showcases Sesame’s agility in accessing bank account details and providing tailored financial insights.
- Acquisition by Pine Labs in 2022 marks significant milestone in Setu’s journey, valued at $70 million.
Main AI News:
Setu, the API platform under the umbrella of fintech giant Pine Labs, has recently unveiled India’s pioneering domain-specific Large Language Model (LLM) tailored for the banking, financial services, and insurance (BFSI) sectors. Dubbed Sesame, this groundbreaking LLM emerges from a collaborative effort between Setu and Sarvam AI, an indigenous AI research firm specializing in crafting innovative AI solutions across diverse industries. The grand unveiling took place at the prestigious People+AI event hosted at the Bangalore International Centre (BIC), drawing the attention of industry stalwarts such as Infosys Co-founder Nandan Nilekani and Shankar Maruwada, CEO, and Co-founder of the non-profit EkStep Foundation.
Nikhil Kumar, Co-founder of Setu, articulated the significance of Sesame, stating, “We don’t make financial decisions by talking to our banker in our real life, but what if we could?” This statement underscores the transformative potential of Sesame in empowering BFSI users to make informed, data-driven decisions swiftly and efficiently, thereby revolutionizing the landscape of financial services.
Sesame represents a strategic endeavor to tackle one of India’s most pressing challenges—credit accessibility. It equips enterprise clients with the tools to harness vast troves of financial data, both internal and external, in a compliant fashion. Leveraging India’s robust digital infrastructure, Sesame promises enhanced credit underwriting, bolstered fraud detection capabilities, proactive loan monitoring, targeted upselling/cross-selling initiatives, and personalized financial advisory services.
During a captivating live demonstration at the event, Kumar showcased Sesame’s prowess by seamlessly accessing a user’s bank account details via an account aggregator. With requisite user permissions, Sesame swiftly addressed inquiries such as ‘What does my financial health look like?’ and ‘Which AC would fit within my budget?’ The model’s agility was further underscored as it efficiently sifted through granular details like credit card discounts, optimal delivery options, and nearby outlets, culminating the interaction with a seamless payment link.
“We showcased a paradigm shift in deciphering insights from financial statements, significantly enhancing accuracy. This blueprint holds promise for replication across sectors leveraging India’s foundational digital public goods,” remarked Pratyush Kumar, Co-founder of Sarvam AI, elucidating the broader implications of Sesame’s capabilities.
Founded by Nikhil Kumar and Sahil Kini in 2018, Setu serves as a catalyst for innovation by offering developers modular APIs tailored to meet the specific demands of users in the financial realm. The startup’s journey reached new heights with its acquisition by Pine Labs in June 2022, marking a pivotal moment in its trajectory, valued at a reported $70 million.
Conclusion:
The introduction of Sesame by Setu represents a significant leap forward in the realm of financial services. By leveraging advanced AI capabilities, Sesame promises to revolutionize credit accessibility, fraud detection, and personalized financial advisory services. This innovation underscores the evolving landscape of fintech, where data-driven solutions are poised to reshape traditional banking and insurance sectors, ultimately enhancing user experiences and driving greater efficiency across the market.
