Reykjavik, Iceland, November 6th, 2023 — Lucinity, a pioneer in financial crime prevention through generative AI (GenAI), has been included in a Gartner report titled "Enhance Banking Offerings With GenAI: Strategic Approaches for IT Tech Providers" published on October 20th, 2023 authored by Gartner Analysts Agustin Rubini and Debbie Buckland. As per the report, “banking tech providers should actively explore ways to incorporate GenAI capabilities into their products, further increasing their value and functionality.”
According to the report, "Major opportunities exist for financial institutions to leverage GenAI to improve their core offerings by developing a roadmap for intelligent products. This could be around use cases that serve different personas: consumers, customer-facing employees and agents, operational roles, and products and services. For example, anti-money laundering (AML) solutions can integrate language models to automatically analyze suspicious activity, generate summaries of risk factors, and even draft suspicious activity reports (SARs). By automating certain aspects of investigatory workflows, AML teams could focus their efforts on higher-value detection and mitigation."
Guðmundur Kristjánsson, Lucinity's Founder and CEO, comments, "We believe that our inclusion in the Gartner report solidifies Lucinity's position as a thought leader in applying GenAI to FinCrime prevention. We feel that this report is a testament to the transformative capabilities of Luci, our GenAI-powered copilot. We are excited to be the first to pioneer such cutting-edge technology in this industry."
The Luci Copilot is at the core of Lucinity's FinCrime prevention suite. Luci significantly enhances the productivity of compliance teams by transforming complex, fragmented data into actionable insights. Luci streamlines the decision-making process, allowing professionals to focus on more strategic, higher-value tasks and improve operational efficiency.
Lucinity was also recognized as a Cool Vendor in the “2023 Gartner® Cool Vendors™ in Applying Generative AI to Banking” report.
These recognitions add to Lucinity's list of industry recognitions, including winning the Best FinCrime Investigation and Reporting Tool award at the 2023 AML Impact Awards by Datos Insights and Lucinity’s listing on Microsoft's Azure Marketplace.
Gartner, Enhance Banking Offerings With GenAI: Strategic Approaches for IT Tech Providers, By Agustín Rubini, Debbie Buckland, 20 October 2023
Gartner, Cool Vendors in Applying Generative AI to Banking, By Jasleen Kaur Sindhu, Agustín Rubini, Moutusi Sau, 4 October 2023
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