This month, Lucinity was prominently featured in a Financial Times article by Siddharth Venkataramakrishnan. The article, "AI heralds the next generation of financial scams," provides a deep dive into the increasing sophistication of AI tools used for fraud, such as voice cloning and deepfakes.
Siddharth's piece engages with a financial industry stakeholders, surfacing their concerns about the risks of the rapid advancement in AI technologies. These concerns are not unfounded, as AI-generated interactions can potentially deceive even the most cautious of consumers, making distinguishing between genuine and fraudulent communications increasingly difficult.
On the other hand, the article also expands on the proactive measures being adopted by financial institutions to mitigate these emerging threats.
AI is also being used by banks to support an army of staff assessing potential breaches of anti-money laundering regulations.
For example, the Financial Times highlights Lucinity's innovative use of generative AI in combating financial crime. Lucinity's Luci copilot tool is designed to empower analysts to conduct investigations with greater speed and accuracy, thereby enhancing the productivity of compliance teams.
Lucinity's approach is not just about leveraging technology for efficiency; it's also about democratizing expertise. By enabling less-experienced staff to quickly ascend to higher levels of proficiency, we estimate that a Tier 1 bank could realize substantial savings — up to $36 million annually in training and recruitment costs alone. Moreover, by reducing the average investigation time from 2.5 hours to a mere 25 minutes, Luci has the potential to contribute an additional $100 million in annual productivity gains.
The Financial Times quotes Lucinity’s Founder and CEO, Gudmundur Kristjansson:
There are lots of very cool small companies coming up in the area of know your customer… We’re doing a lot of development with Generative AI.
As the landscape of financial fraud evolves, Lucinity remains committed to staying ahead of the curve, harnessing the power of AI to Make Money Good.
We invite you to read the full article in the Financial Times: