Lucinity Featured in the Financial Times: Banks Trial AI Compliance Copilots to Minimize Burnout
Lucinity's Luci Copilot has been highlighted in a recent Financial Times Banking Risk & Regulation article on the use of AI copilots to alleviate the pressures faced by compliance teams in banks.
Lucinity has been featured in a Financial Times article by Lucy McNulty in the Banking Risk & Regulation segment that discusses how several large global banks, including DBS and some European institutions, are experimenting with AI copilots to handle resource-intensive compliance tasks.
Lucy explains that these AI tools, acting as virtual personal assistants, help speed up work processes by searching for specific information and generating report summaries.
“Think of it as a GenAI-powered virtual PA that can perform resource-intensive tasks faster. Copilots help in searching for specific information and generating report summaries.” - Lucy McNulty, Senior Journalist at Financial Times
She highlights that seven large global banks have recently asked to trial the standalone copilot tool designed by regtech firm Lucinity to streamline financial crime checks. The CEO of Lucinity shared further insights on the rapid adoption and growth of the Luci copilot:
"Usage of the tool among these customers has grown exponentially."- Guðmundur Kristjánsson, CEO of Lucinity
Lucy proceeds to focus on the significant issue of burnout in compliance teams which is worsened by job cuts, hiring freezes, and outsourcing. She highlights how we can solve this challenge by combining AI and human expertise through investment in AI training and data integration.
Lucinity’s Approach to AI in Compliance
Lucinity's AI copilot, Luci, is the world's first copilot for FinCrime prevention, launched in 2023. Luci summarizes and analyzes complex financial crime data into clear, actionable insights, reducing investigation times significantly from three hours to 30 mintues. Tier-1 banks working with Lucinity estimate that Luci can save them $100 million in productivity boosts and training costs. The copilot assists humans in faster and smarter decision-making, making financial crime operations more cost-effective and scalable.
Lucinity recently launched the Luci Copilot plugin, enabling financial institutions to instantly implement generative AI on top of any web-based application, including any CRM system, case manager system, Excel, or web browser.
Read the full article from the Financial Times' Banking Risk and Regulation segment:
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