Bengaluru-based AI startup OnFinance is looking forward to bring changes in the banking, financial services and insurance (BFSI) sectors. It has launched a language model named NeoGPT and it is tailoring AI solutions to meet unique needs of financial analysts, advisors and BFSI companies as well. the primary focus is to leverage AI to bring transformative change in how financial services operate, ensuring security and enhancing efficiency in the country.
OnFinance is the first generative AI startup to onboard the National Stock Exchange of India (NSE) as a client. It highlights trust and potential in the capabilities of the company. Co-founder and CEO Anuj Srivastava underlined the versatility and specialization in handling complex financial tasks.
Data security is paramount in the BFSI sector. OnFinance understands the need and especially where enterprises are hesitant to use widely available AI models with respect to data privacy. Srivastava said that all the financial clients want on-prem solutions as they don’t want their data to go out of their cloud or infra. The company ensures that no customer data is used for training, fine-tuning or feedback loop analysis.
The applications of NeoGPT span various financial services. It is appropriate for financial research, equity research, underwriting, index research, relationship management, compliance and wealth advisory. The AI copilots can assist and enhance productivity of financial professionals. Hence, intricate tasks are more manageable and precise.
OnFinance builds its models on robust open-source frameworks such as Code Llama of Meta AI and Mistral 7B of Mistral AI. The approach combines best of open-source flexibility. Moreover, instruction tuning is performed using Q&A datasets which are derived from financial news sources like Moneycontrol and the Financial Times. All these ensures NeoGPT’s expertise in financial data.
