For document processing in a side project, I've been using a local all-MiniLM model with FAISS. Works well enough for semantic matching against ~50k transaction descriptions.

The real challenge wasn't model quality - it was the chunking strategy. Financial data is weirdly structured and breaking it into sensible chunks that preserve context took more iteration than expected. Eventually settled on treating each complete record as a chunk rather than doing sliding windows over raw text. The "obvious" approaches from tutorials didn't work well at all for structured tabular-ish data.