Reykjavik, Iceland – October 18, 2023 – Lucinity is a leading SaaS platform for financial crime prevention. The company announced today that it has been recognized by Gartner as one of three Cool Vendors in a recent report, “Cool Vendors in Applying Generative AI to Banking.” This report was published by Gartner Analysts Jasleen Kaur Sindhu, Agustín Rubini, and Moutusi Sau on October 4th, 2023. The report offers a comprehensive analysis of how Generative AI (GenAI) is transforming the industry by enabling banks to manage costs better, increase productivity, and mitigate risk.
Guðmundur Kristjánsson (GK), Founder and CEO of Lucinity, states, "Being one of three Cool Vendors recognized in this Gartner report is significant for us. In a market that's increasingly interested in GenAI solutions, we believe this inclusion substantiates Lucinity's role as a trusted partner in FinCrime prevention. Financial institutions can now turn to us for a ready-made, scalable solution."
Addressing the GenAI challenges outlined by Gartner, GK adds, "We are acutely aware of the responsibilities that come with leveraging GenAI. As we continue our expansion, maintaining the highest levels of security and compliance will always be our top priority."
This report recommends that banking executives “prioritize high-value GenAI use cases and the value of the solutions in terms of competitive impact, business value, urgency, cost, and risk, by calculating incremental upfront and ongoing costs versus the business outcomes generated over time.” It also serves as a guide to help banks identify partners who can help them achieve their goals of adopting GenAI into their business operations.
This Gartner recognition is the latest in a series of industry recognitions for Lucinity, including its recent win as the Best Financial Crime Investigation and Reporting Tool in the 2023 AML Impact Awards presented by Datos Insights (previously Aite-Novarica Group) and its recognition by Sifted as one of the top 21 GenAI start-ups to watch.
Gartner, Cool Vendors in Applying Generative AI to Banking, 4 October 2023. GARTNER and COOL VENDORS are registered trademarks and service marks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Lucinity is a leading SaaS AI company that is at the forefront of driving innovation in the field of financial crime compliance. With its expertise and innovative approach, Lucinity is transforming the industry. The company's unwavering commitment to delivering exceptional user experiences is evident in its platform, which provides unparalleled insights through augmented intelligence and generative AI. By leveraging cutting-edge technologies, Lucinity sets new standards to reduce review times, enhance insights, and optimize operational efficiency. Trusted by industry leaders, Lucinity empowers institutions to ensure regulatory adherence, drive operational excellence, and effectively mitigate risks.
More about Lucinity at www.lucinity.com
Senior Marketing Manager, Lucinity