Fortiro secures Australian FinTech Award for AI and recognition for Innovation in Lending
Fortiro, a leader in document fraud detection and financial verification, today announces it was recently awarded the ‘Best Use of AI in FinTech’ at the 2024 FinTech Awards. Fortiro also emerged as a finalist in the ‘Best Innovation in Lending and Home Loans’ category. These accolades underscore Fortiro’s unwavering commitment to driving transformative change in the financial industry through innovative artificial intelligence (AI) solutions.
Fortiro is tackling the longstanding barriers to instant approvals in lending and mortgages while simultaneously combating the pervasive issue of “liar loans” and application fraud.
“By leveraging our advanced AI technology, lenders can now swiftly process traditional income and expense documents, such as payslips, and perform both income and document verification automatically within a matter of seconds or minutes. These efficiency gains are resulting in cost savings, increased fraud detection and an improved customer experience for our clients,” said Sean Quagliani, Fortiro Co-Founder and CEO.
Fortiro’s revolutionary approach enhances the customer experience by eliminating the days-long wait associated with manual document reviews and empowers lenders to scale their operations efficiently. Fortiro’s automated fraud detection capabilities are a game-changer for the industry, enabling lenders to proactively identify and prevent fraudulent applications, thus safeguarding both themselves and the wider banking network.
“Fortiro has demonstrated outstanding innovation by adopting artificial intelligence and machine learning into its platform. Fortiro is leading the way by fighting document fraud and reducing fraudulent claims, a billion-dollar challenge for financial institutions. Congratulations on an outstanding submission. A well-deserved win for Fortiro!” said Glen Frost, Founder of the FinTech Awards.
Fortiro’s solutions have resulted in clients reporting a remarkable 35% reduction in delinquencies and write-offs by intercepting dishonest applications upfront. This tangible success has propelled Fortiro to the forefront of the industry, with some of the most trusted financial institutions in Australia using Fortiro’s solutions.
The combination of automated income verification and fraud detection not only delivers significant cost benefits to lenders but also reinforces the integrity of the banking system. By streamlining processes and fortifying defences against fraud, Fortiro is driving positive change throughout the financial ecosystem.
“At Fortiro, innovation is ingrained in our DNA. Our commitment to innovation drives our passion to enable our customers to do business fast, safe, and smart. This award is a testament to our unwavering commitment to pushing the boundaries of what is possible in FinTech.
“As we celebrate this momentous achievement, we extend our gratitude to our team, partners, and clients for their unwavering support. Together, we will continue to drive innovation and shape the future of FinTech with AI,” added Quagliani.
