AI

Elenjical Solutions develops AI-powered fintech apps 

(Last Updated On: 7 February 2024)

South Africa | In this era where artificial intelligence (AI) is transforming industries, the South African fintech consultancy firm, Elenjical Solutions, has developed three proof-of-concept AI apps. 

These apps focus on using proprietary information for rapid information retrieval, code generation, and simplified interfacing with complex systems.

The applications that use artificial intelligence to marshal large and diverse amounts of stored information from multiple sources as well as generating proprietary code from natural language inputs to interact with complex systems and data sources.

“Our goal is to reshape the traditional way our clients interact with data,” says Bereket Demeke, ES’s Executive. “In the complex landscape of financial markets our new apps are not just tools – they are methods enabling clients who work in the fintech sector to engage with their data effortlessly,” he explains.

Three pillars of innovation

Elenjical’s applications are designed to provide a cohesive, unified method for sourcing and synthesising information across financial companies’ complex channels. They promise substantial time savings by significantly reducing the hours spent on repetitive tasks, increasing automation, and as a result moving businesses towards greater operational efficiency and smarter resource management.

In particular, Elenjical’s Information Retrieval App transforms access to internal knowledge bases, including SharePoint and Confluence libraries. Operating with a conversational AI interface, it enables company employees to work with information more efficiently. Advert banner

Furthermore, the app excels at reading and extracting insights from various document formats such as PDFs, PowerPoints, and Word Docs. By offering swift access to vast amounts of needed data, it plays a key role in enhancing the overall productivity of the company.

“Unlike generic AI models, such as Chat GPT, our app understands domain-specific information such as financial markets and capital markets technologies. That’s making it a must-have tool for financial professionals,” says Siju Mammen, technology lead at Elenjical Solutions.

Natural Language to Proprietary Code App is a breakthrough in proprietary code generation, this app specifically targets the generation of proprietary code from natural language.

The first use case of this application was tested for the generation of the Murex MSL code. It’s a game-changer for developers, giving them a significant head start in coding for specialised financial applications.

This marks the first version of the app, currently requiring a developer to operationalize the code. In upcoming editions, Elenjical Solutions aims to evolve it into an agent model, enabling it to independently deploy, run, and test the code.

Natural Language to SQL App is a tool that effortlessly transforms natural language queries into SQL. This isn’t just any SQL, but SQL specifically valid for a given database schema. It’s designed to handle structured data queries in complex financial databases.

Contrasted with the Information Retrieval App, which deals with unstructured data like meeting notes or PDF documents, this application focuses on structured data already stored in a system.

This approach democratises technology, eliminating barriers between individuals and outcomes. It offers the prospect of empowering users to interact effortlessly with structured data, fostering a more inclusive and streamlined technological experience.

A vision for the future 

The company is currently testing and improving these applications internally and has started an AI consulting practice to introduce these services to the market. This initiative demonstrates the company’s commitment to leading in AI capabilities within its specific financial sector.

Its strategy could potentially serve as a model for the future of AI in finance, merging technological innovation with sector-specific expertise.

“We are merging our deep understanding of financial markets with AI to create better-performing, niche services. Our aim is to be at the forefront of AI integration in the financial sector, offering something truly unique”, says ES’s founder and CEO, Tinu Elenjical.

By Brian O’Sullivan Daredevil

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