IntellectAI, a unit of fintech company Intellect Design Arena, has launched an artificial intelligence platform called Purple Fabric for financial institutions. The platform comes with six products that offer financial entities a chance to achieve “substantial business impact," the company said.
Purple Fabric is a retrieval-augmented generation-ready platform, which means that it combines existing traditional information retrieval systems like databases with the power of large language models. This, in turn, allows developers to quickly build and deploy AI-driven solutions.
With the launch of the AI platform, the company aims to accelerate its revenue growth. “In three-five years we would work upwards of 50 clients, and start helping with Purple Fabric as a standalone platform and we would at least be able to achieve $100 million revenue...” Banesh Prabhu, chief executive officer of IntellectAI, told NDTV Profit.
The company is also looking to strengthen its partner ecosystem—system integrators, hyperscalers and consultancies—to broaden the reach of its new offering
Purple Fabric creates a single knowledge bank from six sources: structured and unstructured enterprise data, policies, market data, regulatory information, and tacit knowledge. These sources of information already exist within financial institutions, but generally tend to exist in independent silos.
This single repository of data allows companies to deliver “actionable AI insights and solutions," Intellect Design Arena said.
Here’s a quick look at the suite of products available on Purple Fabric:
PF Imagine: Allows product managers to design and implement AI for specific use cases without data scientists.
PF Govern: Lets organisations maintain strict governance standards for generative AI use while providing references for auditing data sources, verifying data integrity, and enforcing user management policies.
PF Document Intelligent Management System: Enables enterprises to create AI-based document intelligence and consume it as an API in various applications.
PF Expert Agent: Delivers actionable intelligence based on various sources of information and helps create autonomous user journeys using AI nudges and alerts.
PF Triad: A tool based on seven key regulations established by the European Union to ensure unbiased decisions and recommendations for key enterprise roles.
PF LLM Benchmark: Helps developers assess coding, task reasoning, and language understanding for their AI applications.
Intellect Design Arena’s new release is, in fact, similar to Newgen Software LumYn. While LumYn is for senior leadership at banks and financial institutions, Purple Fabric seems more focused on helping developers build AI solutions to use within companies themselves.
Companies working in the financial technology space are increasingly building AI platforms. In fact, the banking, financial services and insurance industries are most optimistic about the potential of AI and how it could change how they do business, according to a study published by Tata Consultancy Services Ltd. in July this year. The study also found that while businesses are eager about the technology, there is no consensus on how best to adopt AI.
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