Today, businesses in need of process automation solutions have several advanced platforms to choose from, but this wasn't the case a decade ago. Back then, AI was a theoretical concept, far from being implemented across organizations. When there were hardly any businesses working with AI, a French company, Fortia, decided to tap on this unexplored area and venture into the financial space to facilitate process automation using AI.
The financial industry at the time was facing severe crisis and extreme pressure to abide by several regulations. "Back in the time, the technologies used by the financial institutions were not sufficient to keep up with the upcoming regulations across different regions with agility. Hence, when we ventured into the financial market as experts in compliance, we wanted to use different types of technologies to address the compliance-related problems," elaborates Miroslav Petrov, Head of Innovation at Fortia.
The company was introduced with the vision to employ emerging technologies such as AI to facilitate end-to-end process automation. The first-ever project for the ambitious team at Fortia came from a leading bank in Europe, BNP Paribas.
Fortia was introduced with the vision to employ emerging technologies such as AI to facilitate end to end process automation
Fortia implemented its first solution for the bank, helping them automate the investment compliance process for funds in 12 different locations. The platform, using the AI algorithms, read through the bank's documents, extracted the valuable information concerning the obligations, policies, guidelines of the funds, and verified whether those obligations were met against operational data to send alerts to the compliance teams about policies that were not complied with.
Over the years, the team at Fortia has not only made a mark in process automation but has also dealt with the biggest challenge that lies ahead of every financial institution – data. Fortia has been helping businesses enhance the quality of data in their databases. Often, companies that hold many documents for financial products have discrepancies in the information stored in the documents compared to the information on the website and other locations. Fortia addresses such inconsistencies with AI ensuring data normalization.
A critical factor that keeps the company ahead of others in the market is that it provides unprecedented technology faster. In Petrov's opinion, another major differentiator for the firm is the combination of AI and No-code that Fortia strikes in its projects.
"We call it Deep no-code, which refers to the combination of deep learning algorithms and no-code which is the way a business application can be created rapidly with a no-code framework," he adds.
Over the years, Fortia has evolved significantly to keep up with the changing market trends and client needs, adopting different technologies and approaches. One instance that validates this well is how Fortia shifted to a SaaS-based solution from the on-premise model when Covid-19 surfaced. "After the onset of Covid, we moved to a SaaS platform in the cloud with all our AI libraries for unstructured and structured data and in a No-code framework, where all the capabilities required to build an application are available in a single studio," Petrov explains.
This ability to adapt to the evolving market needs and the company's know-how of clients' businesses has earned it great recognition. The fact that Fortia delivers innovative and advanced solutions to its customers makes it a preferred partner for many. In the future, the company seeks to expand the capabilities of its No-code platform apart from strengthening its presence in the US and Asia. Fortia also envisions expanding across industries, including healthcare, transportation, commerce and several others, fulfilling their automation requirements. Ultimately, Fortia's efforts are directed at transforming businesses by using technology and the convergence of AI, no-code, RPA, and data management, leading to a new paradigm.