Fisent Technologies is a company that is transforming how business is performed by enabling the utilization of GenAI models for the automation of common business processes. Pulse 2.0 interviewed Fisent Technologies founder and CEO Adrian Murray to learn more about the company.
Adrian Murray’s Background
What is Adrian Murray’s background? Murray said:
“I founded Fisent Technologies in 2021 with the goal of building a software company that could help financial institutions streamline processes associated with meeting complex regulatory requirements. Prior to that, I spent 10 years leading various technology and operations functions in financial services, primarily banking and securities. Before that, I co-founded another technology start-up business in the online education space.”
Formation Of Fisent
How did the idea for the company come together? Murray shared:
“Fisent’s first product was Fisent Risk, which is a KYC (Know Your Customer) orchestration solution used by a number of our bank customers. KYC is a regulatory obligation for all financial institutions across the globe, and there really isn’t another fully built-out KYC orchestration solution available in the market that does what Fisent Risk can do. One essential capability we developed was the ability to digitize and automate the processing of data and documents that are utilized in the new customer onboarding process. There is a myriad of structured and unstructured data and documents involved in this process which requires manual review. We solved that challenge by employing generative AI integrations to streamline the KYC reviews. This capability ultimately served as the foundation of our core solution, Fisent BizAI.”
Applied GenAI Process Automation
What is Applied GenAI Process Automation, and why is this category surging? Murray replied:
“The broadest and most rapid impact of GenAI models on enterprise functions will come from leveraging GenAI models to automate repetitive business tasks that currently require human review and interpretation of the content.”
“Applied GenAI Process Automation solutions revolutionize enterprise functions by leveraging the power of Foundational Large Language Models (LLMs). This includes LLMs such as OpenAI’s GPT, Google Gemini, Meta Llama, and many others, including fine-tuned models for specific enterprise use cases.”
“By linking enterprise applications with the power of GenAI models, businesses can radically streamline workflows and massively improve efficiency. This means quickly and meaningfully cutting costs but also accelerating revenue generation, transforming the user experience, reducing or avoiding failures, and generally improving all nature of organizational processes. Prepared with the right strategy, technology, and advice, businesses that embrace this approach will see a transformational impact on even discreet aspects of their operations.”
Details About BizAI
Tell us about BizAI, Fisent’s Applied GenAI Process Automation solution. Murray responded:
“Fisent BizAI is a pioneering Applied GenAI Process Automation solution and serves as a bridge between enterprise applications and LLMs. The BizAI platform allows users to choose their preferred LLMs and related model hosts; process almost any content type; intelligently applies relevant research techniques to improve accuracy and reliability; and leverages pre-built connectors to enterprise process automation applications, such as Pegasystems’ BPM Platform or other common enterprise platforms.”
Challenges Faced
What challenges have Murray and the team faced in building the company? Murray acknowledged:
“Being a new paradigm, there are many challenges that Applied GenAI Process Automation overcomes. From a customer perspective, there remains many misunderstandings about GenAI, what it does/doesn’t do, security, hallucinations, etc. From a technical perspective, the models (LLMs) themselves are still limited in what they can process, how they process content, the speed at which they process content, the different business challenges to which each model is best suited for, etc. All of the aforementioned are capabilities that BizAI offers wrapped up in an API Service gateway.”
Evolution Of Fisent’s Technology
How has Fisent’s technology evolved since launching? Murray noted:
“Some of the key enhancements made since the inception of Fisent BizAI include multi-model/multi-host, development of our GenAI Efficacy Framework for use case-driven testing and validation, multi-modal processing, several content management capabilities, and various applications utilizing BizAI to meet customers’ needs.”
Use Cases
Describe your customers, industries, or verticals Fisent served and use cases the solution is designed to address. Murray pointed out:
Fisent serves a broad range of customers including Fortune 250 companies and small regional businessesprimarily in the following industries: financial services, healthcare, insurance, retail, manufacturing, and aviation.
“GenAI models can be applied to dozens of microprocesses across the enterprise in a matter ofweeks. Industries and enterprise functions that are primed for optimization using Applied GenAI Process Automation approaches are those that:
1.) Have high volume, manual activities, which combine content (e.g., data, documents) and knowledge worker interpretation
2.) Are associated with complex workflows
3.) Have discrete business outcomes (e.g., new account opened, purchase order or contract approved, dispute resolved, invoice paid, etc.)”
Customer Success Stories
When asking Murray about customer success stories, he highlighted:
“1.) Connection, a Fortune 1000 global IT solutions provider, dramatically reduced the time needed to process customer orders and improved the experience for its customers and sales teams with Fisent’s Applied GenAI Process Automation solution, BizAI.
a.) Connection faced challenges in efficiently confirming that a massive volume of sales orders matched or were aligned with customer purchase orders already entered into their ERP systembefore orders could be fulfilled.
b.) Connection uses Pega Platform for the management of workflows in several areas within their company. With the addition of BizAI,Connection is now able to digitize and further automate key business processes within the organization.
2.) With Fisent BizAI, the company saw the following results:
a.) Improved Efficiency: BizAI has significantly streamlined Connection’s order processing, reducing manual work, and increasing efficiency.
b.) Enhanced Customer Experience: Customers benefit from faster order processing, improved support, and more accurate information.
c.) Data-Driven Decisions: The solution provides detailed reporting and audit trails, enabling data-driven decision making.
3.) Based on the success of the sales order/PO matching automation, Connection is planning forclose to one dozen additional ways that BizAI will automate other business processes.”
Partnerships
Which companies is Fisent partnered with and why? Murray highlighted:
“Fisent is partnered with established software companies such as Pegasystems (also an investor in Fisent), Microsoft, AWS, and SoftServe, and works with other leading enterprise software platforms including Salesforce, SAP, Oracle, and ServiceNow.Fisent’s technology partners offer complementary software that, when paired with Fisent solutions, can significantly extend the value of those platforms, as well as the range of problems they can solve for their end customers.”
Differentiation From The Competition
What differentiates the company from its competition? Murray affirmed:
“There are few, if any, other commercially available Applied GenAI Process Automation solutions in the market today. To leverage LLMs efficiently, companies need both flexibility and scalability in a single comprehensive solution. A core Fisent BizAI differentiator is what we call “optionality.” This means our customers can seamlessly move from one LLM model to another, one hosting environment or even processing region to another based in their specifications – which change from use case to use case. While flexibility and optionality are critical success factors, the solution needs to also provide customers with confidence that their data is secure, the outputs are consistently reliable, and that the solution can scale with them. This is all wrapped up in the BizAI solution – enabling our customers to immediately leverage the power of GenAI within their enterprise workflows. Fisent took a unique approach to build the service with a zero-retention architecture, meaning that no customer inputs or outputs are stored by the service — a very different approach than many companies in the AI space that are in a race to accumulate data. In addition, Fisent focuses on use case-based outcomes. This means that when we designed our GenAI Efficacy Framework, it was built to measure effectiveness on a specific use case level which is very different from the way high level benchmarks are used today to compare models to one another.”
Future Company Goals
What are some of the company’s future goals? Murray concluded:
“Looking ahead, Fisent is working to ensure that small, medium, and large companies can equally take advantage of the benefits GenAI offers. There are several features and capabilities on our roadmap that will level the playing field for all organizations looking to leverage this technology to advance their businesses. In the short term, we are continuing to mature our business in all aspects. This includes product value proposition, ease of application, range of capabilities, team skills, and capacity.”
