Lingua Custodia features on the Wavestone radar for French Generative AI Startups 2023

Generative AI

Lingua Custodia was delighted to feature on the Wavestone Radar for French Generative AI start ups in 2023.

What is the Wavestone Radar?

Wavestone is an international global consulting company, which has a start up accelerator focusing on emerging trends in the startup ecosystem. It shares the results of these market insights through the publication of Wavestone Startup Radars.

What is Generative AI?

Generative AI is a type of model trained to spot pattens in data, which enables it to then generate new content based on the previous patterns.  So, for example in the finance industry, Generative AI models can be used to analyse trading and investment data, identifying patterns to generate trading opportunities.

Lingua Custodia

Lingua Custodia is included on the Generative AI radar within the ‘Gestion de la Connaissance’ category, because of its focus on financial document processing and its range of technologies for data extraction and analysis.

It is a huge achievement to feature on this radar.  Lingua Custodia was initially created in 2011 by finance professionals to offer specialised machine translation.

Leveraging its state-of-the-art NLP expertise, the company now offers a growing range of financial document processing solutions in addition to its initial Machine translation technology.

Lingua Custodia’s document analyser, uses Generative AI applied to a large language model (LLM) model to search for specific information in confidential documents, extracting and then summarising the information.

The key advantages of our document analyser is the rapid extraction of the relevant data in response to a series of queries. The document analyser is multi-lingual, available in 10 languages. This allows you to query a document in a different language to the one it is written it. The use cases for the document analyser include requests for proposals, regulatory, compliance, research and security documents.

The source references are also included which helps with verifying and checking the accuracy of the responses.  The ability to query several documents at the same time will be developed and live on the platform by the end of Q1 2023.

The EU AI Act – Supporting innovation and building trust across the financial services industry.

The EU AI Act – Supporting innovation and building trust across the financial services industry

The EU AI Act was agreed by the European parliament in December 2023 and the financial text is likely to be published in early 2024.

This act will apply to all industries across the European Union and is aimed at continuing to foster innovation while ensuring the protection of individual’s rights, through stricter regulation of high-risk AI technologies and the promotion of transparency and trust across AI technologies.

It recognises that innovation is essential for competitiveness, so this Act also includes the creation of regulatory sandboxes to facilitate the development, testing, and validation of innovative AI systems under strict regulatory oversight.

The Act establishes rules and obligations for AI technology, based on the potential risk to the user and society.  Five risk levels are defined, with stricter obligations for technologies deemed to be at higher risk.

Technologies with an unacceptable risk are banned, such as systems which aimed at exploiting vulnerabilities or behavioural manipulation. Technologies which are deemed as high risk, with the potential to impact on fundamental rights, democracy and health and safety, will be required to comply with extensive governance activities to ensure these technologies are compliant with the Act.

AI systems which are categorised as limited risk, will need to ensure that they are fully transparent, this means for example, that users should be aware if they are interacting with an AI chatbot or a human.

What does the EU AI Act mean for financial services?

Many of the AI technologies used across the financial services industry fall into the high-risk category, such as trading algorithms, risk analysis and credit scoring.  The onus will be on financial institutions to demonstrate that their models can be understood and that their underlying data is unbiased and of good quality. 

Matching the requirements of the EU AI Act has the advantage of winning consumer trust, as consumers are becoming very aware of the importance of ethical AI and the need to respect their rights and privacy.

While the EU AI ACT might take two years before coming into force, financial institutions should act now to analyse their AI technologies and make any necessary changes to comply with the required obligations.

Lingua Custodia’s Generative AI Document Analyser

Our latest generative ai financial document processing technology, our document analyser allows the rapid extraction of key data from large pdf documents such as the EU AI Act. It’s fully secure, like our other technologies, multilingual, and provides the source referencing!

You can test it here!