Lucinity Featured in the Financial Times: Balancing Governance and Innovation in AI

Lucinity's innovative approach to artificial intelligence within the financial sector has been recognized in a recent Financial Times article about good governance co-existing with innovation.

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Lucinity has been featured in an article by Siddharth Venkataramakrishnan that explores the impact of ethical AI and governance on financial services.

This article in the Financial Times explores the relationship between AI's technological disruption and governance. Siddharth weighs the risks and benefits of AI in investment and financial services, observing that growth-oriented businesses often prioritize innovation over governance, which raises the chances of ethical breaches and fraud. 

However, amid this discussion, Siddharth mentions Lucinity as a positive example of an innovative company that uses AI ethically to combat financial crime, showing how growing companies can successfully balance innovation with good governance. The article highlights Lucinity's Generative AI copilot, Luci, which aids in improving the speed, quality, and consistency of financial crime investigations without compromising on governance.

"Lucinity has adopted an ethical AI policy, which clearly stipulates where the technology is used and, perhaps even more crucially, where it is not. But Kristjansson juxtaposes the importance of governance with the importance of not preventing new discoveries."

- Siddharth Venkataramakrishnan, Former Former Banking and Fintech Correspondent, Financial Times

Guðmundur Kristjánsson, Co-Founder and CEO of Lucinity, explains the importance of governance in AI. While stating that AI can serve as a tool as unanimously beneficial as a calculator, he also emphasizes the necessity of safety measures. He stresses that the ongoing development of emerging technologies should not be hampered but instead guided by safeguards when necessary.

"I am fully for it while it's not stopping innovation — I am of the opinion that we should nurture [emerging technologies] and then put speed bumps when we see a problem, instead of putting speed bumps now."

- Gudmundur Kristjansson, Co-Founder and CEO of Lucinity 

Responsible AI

Lucinity's AI systems are designed to augment, rather than replace, human capabilities. These systems are developed with a deep respect for human values, rights, and dignity, enhancing human efforts in combating financial crime. The emphasis is always on AI supporting human intelligence, ensuring that technology enhances human decision-making.

The company prioritizes transparency, explainability, and reliability in its AI applications. Utilizing Microsoft's GPT-4 platform, Lucinity addresses potential AI "hallucinations" with specifically crafted prompts to ensure accuracy and dependability in outputs. All decisions made by AI systems are auditable, with clear references to source materials enhancing transparency.

Lucinity is also actively engaged in Project Aurora, a collaboration with the Bank of International Settlements and the Nordic Innovation Center. This initiative focuses on sharing signals across ecosystems and banks without breaching privacy norms.

Lucinity's security infrastructure is strengthened through its partnership with Microsoft. The built-in security features within Microsoft's ecosystem have simplified the process of achieving SOC2 and ISO certifications, providing Lucinity's clients with the assurance that its solutions adhere to the highest security and compliance standards.

To learn more, check out the full article in the Financial Times:

Safety fast: governance and innovation
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