Pine Labs, in collaboration with Setu and Sarvam AI, launched ‘Sesame’, the first large language model developed specifically for the banking, financial services and insurance (BFSI) sector in India.
This AI model is aligned to the BFSI industry and can reportedly help enhance credit underwriting processes, detect fraud, monitor loan performance and provide personalised financial advice.
Sesame is a product of a strategic partnership between Pine Labs and Setu, its API infrastructure subsidiary, along with Sarvam AI, a company focused on developing LLMs. The model has been trained on a wealth of financial data, both internal and external.
According to Nikhil Kumar, co-founder at Setu, the integration of Sesame with India’s account aggregator framework will significantly advance the use of transformative technologies like large language models in the BFSI sector.
“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,” he said.
Pratyush Kumar, co-founder at Sarvam AI, highlighted the technological breakthroughs associated with generative AI, noting that their collaboration has substantially improved the accuracy of extracting insights from financial statements. This enhancement is expected to create substantial value for enterprises by providing more reliable and efficient services.
Setu, which was founded in 2018 and later acquired by Pine Labs in 2022 for approximately USD 70-USD 75 million, operates in various domains including account aggregation, data gateway, identity verification and embedded finance.
