More Than 20 Banks Already Using the Platform As Company Closes $2.6M in Funding
AUSTIN, Texas, April 3, 2024 /PRNewswire-PRWeb/ --
Today, Hapax launched unprecedented financial services AI to market. Trained on 13 years of proprietary data, the AI delivers highly accurate information, complex decision-making, and usable assets – all vertically specific to financial services. Already, more than 20 banks are using it as part of a beta program, including Capra Bank and American Bank of Commerce. Hapax also shares that it recently closed just over $2.6 million in funding led by RHS Investments. Along with that investment, Hank Seale joined as Board Chairman.
Hapax is differentiated via its data source. It is built on 13 years of proprietary financial services data via an exclusive partnership with CBANC. Its data set consists of 20,000+ documents, 10,000+ hours of videos, and 230,000+ intimate conversations between bankers, each consisting of questions and validated paired answers. This makes the LLM fit for purpose, impossible to replicate quickly, and very hard to replicate at all. The impact of this for users is that it is a lightning-fast tool that gives them validated answers to very specific questions.
Hapax’s mission is to use technology to bridge the information access gaps between big banks and smaller banks. Due to regulations and an uncountable number of unusual, high-risk compliance scenarios, financial services are among the most complex industries and among those that can benefit the most from AI. Today, banks of all sizes rely on resources, such as expensive consultants, when it comes to staying compliant. This is particularly true for small and mid-sized banks and credit unions – which make up about 93% of all banks and credit unions in the country – because they do not have the same resources to invest in talent or technology as larger banks. Hapax solves this by making access to accurate and validated information ubiquitous and immediate.
“Bankers will never be able to use an off-the-shelf solution built off publicly available LLMs,” said Tom Ferries, CEO of Hapax. “The regulatory risk is simply too high. Hapax is built for bankers based on real, validated conversations with peer bankers. Each response also includes citations, allowing further confirmation that the information and recommendations are correct. This will change how banks work; particularly small and mid-sized banks that find themselves struggling with the resources and expertise to keep up with an ever-changing regulatory and competitive environment. There is simply nothing even close out there.”
The product is currently being tested with beta partners. Early users report the tool becoming an instant companion, relying on it for multiple hours each workday and often asking it dozens of questions. The biggest set of questions from the first users is around compliance. However, users are also rapidly demonstrating that the tool will be used across bank functions, with marketing, internal communications and policies, and vendor vetting all being standouts.
“As a small bank, we need to be both efficient and effective,” said Lynn Fuller, CEO and Founder of Capra Bank. “As a fast-growing bank, we need to constantly stay ahead of our growth in terms of risk management. Hapax lets us do both while scaling in near-infinite fashion.”
“Hapax solves critical challenges,” said Dave Anderson, COO of American Bank of Commerce. “As just one example, across the bank, we need to ensure we are up-to-date and compliant on existing and new regulations and changes or updates. In addition to large amounts of time, doing so requires deep industry expertise. What makes Hapax so valuable is its banking expertise. It’s quickly proving to be a tool our compliance and operations team members can trust.“
Interested banks and staff can learn more and join the waitlist at https://www.askhapax.ai. Currently, Hapax is focused on continued training with its beta customers and will evaluate when and how to open up the waitlist in the coming weeks and months. Regular updates will be shared with those in the queue, including product highlights, key learnings from the beta program, and how access will be expanded.
About Hapax
Hapax is unprecedented AI for the financial services industry. Leveraging an exclusive partnership with CBANC, it utilizes 13 years of proprietary data, consisting of 20,000+ documents, 10,000+ hours of videos, and 230,000+ intimate conversations between bankers. This allows the product to deliver accurate and validated responses needed by the heavily regulated banks. Via its product, Hapax aims to bridge the information gaps between big banks and smaller banks by making access to complex information ubiquitous and immediate. To learn more and join the waitlist, visit https://www.askhapax.ai.
Media Contact
Rebecca Reese, Kickstand, (603) 305-4155, [email protected], https://meetkickstand.com
SOURCE Hapax
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