Setu, a prominent fintech company in India, has introduced Sesame India's inaugural Large Language Model (LLM) tailored specifically for the BFSI sector. Created through collaboration between Setu and the indigenous AI research firm Sarvam AI, this milestone represents a significant advancement akin to a 'ChatGPT Moment' within financial services. The debut occurred at Adbhut India, an event organized by the non-profit People+ai, with notable attendees including Mr. Nandan Nilekani (Co-founder & Director of EkStep Foundation), Mr. Shankar Maruwada (Co-founder & CEO of EkStep Foundation), Mr. Tanuj Bhojwani (Head of People+ai), and other influential figures from the realms of fintech, AI, and digital public infrastructure.
Sesame taps into India's extensive digital infrastructure to drive functionalities such as enhanced credit evaluation, fraud detection, loan supervision, and personalized financial advice. Setu and Sarvam AI collaborated to develop Sesame, tailoring it to the specifics of both domain and region by training it on relevant data within India's BFSI sector. Setu's goal is to empower BFSI clients with domain-specific LLM and adaptable delivery models, enabling them to leverage vast financial datasets compliantly. This initiative aims to facilitate quicker, more informed credit decisions and deliver highly personalized financial services to customers throughout their entire journey.
“At Setu, our mission is to democratize 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.
“Generative AI represents a significant step change in the nature of computation. What can be done with one rupee of computing is now dramatically more valuable”, said Pratyush Kumar, Co-founder of Sarvam AI. “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”,