New AI Copilot Plugin is a Breakthrough for Financial Institutions, Transforming Existing, Siloed Systems in Seconds

Amsterdam, Netherlands, June 6, 2024 - A groundbreaking generative AI copilot plug-in, launched by Lucinity at Money2020 Europe, delivers immediate ROI. The copilot plug-in is system-agnostic, acting as one central copilot that can be used on top of all web-based enterprise applications, pulling data from any system including Customer Relationship Management (CRM) systems, case management systems, third-party vendors, and Excel documents. 

The new plug-in enhances Lucinity’s AI copilot, 'Luci,' launched last year as the world's first AI copilot for financial crime prevention. This new plug-in functionality now means that Luci is the easiest copilot to integrate into any financial institution (FI), boosting productivity by up to 90% and resulting in substantial cost savings. 

It also means that businesses can keep the same licenses and contracts they already have with their current providers, while augmenting their insights and accelerating decision making. FIs can now start using GenAI without the constraints, enormous costs, and lengthy timelines of traditional implementations. 

Lucinity has also released the Copilot Skills Studio, an innovative workflow automation studio leveraging Generative Intelligence Process Automation (GIPA). GIPA combines traditional AI, generative AI, and Robotic Process Automation (RPA) all in one, to automate end-to-end processes that typically involve repetitive work, information gathering and analysis, or human-like decision making abilities.

This includes automating end-to-end workflows to gain insights on customers, such as running a negative news search, producing a transaction summary from a screenshot of Excel, and obtaining a money flow visualization from a customer’s transactions. At the end, all the insights can be directly added to a case or a customer’s profile. This process typically requires one to four hours, but can now be performed in a matter of minutes. Through this technology, FIs are now able to automate entire workflows that they could initially only perform by executing various tasks across multiple systems. 

Lucinity’s customers are already witnessing the power of Luci in action. Hannah Becher, Fraud and AML Surveillance Lead from Pleo, a fintech company that provides businesses with spending solutions, says: “Luci is streamlining Pleo's proof of business (POB) checks, significantly enhancing the efficiency and accuracy of verifying the legitimacy of new customers. With Luci, these checks are completed in a matter of minutes.

“The process runs automatically or is manually initiated as part of the review process. Luci not only evaluates the legitimacy of businesses but also provides well-documented recommendations with complete references to the data sources used, ensuring full auditability and explainability of its assessments. The automated POB check can be reviewed and edited by Pleo’s analysts to ensure correctness.”

“This new innovation will blow your mind,” says GK, Founder and CEO of Lucinity. “One of the most common things we hear from FIs is that they love our products but they have an old system they can’t get rid of that they’ve just invested in. With our new copilot plug-in, that’s not a problem. I was blown away when using Luci myself in our own CRM system and directly in Microsoft Outlook to prepare for meetings. I never thought I would start to use our own software without working directly in FinCrime prevention, but Luci is just so powerful now that it is even assisting me in my daily work.”

When accessing publicly available data, Luci can be implemented instantly - after which privately-held data sources can be added. Luci can also still be deployed within the complete Lucinity platform, working with powerful modules such as Case Manager and Customer 360°. Lucinity’s platform is also system-agnostic, connecting with any Transaction Monitoring, Fraud, or KYC systems that FIs currently use or would like to integrate with. 

In terms of security, Lucinity uses state-of-the-art models like Microsoft Azure Open AI for secure infrastructure. Luci was developed within the world of compliance, ensuring maximum auditability with detailed Audit Log functionality. 

Summary of groundbreaking innovations built into the Luci copilot:

• Copilot plug-in allows generative AI copilot to work with old and new systems and deliver results immediately
• GIPA platform incorporates advanced artificial intelligence technologies to automate complex cognitive tasks
• Seamless Copilot Skills Studio to customize automated tasks

About Lucinity
Lucinity is an AI software company for financial crime operations, designed to
accelerate compliance teams. Lucinity enhances intelligence gathering, analysis,
and decision-making, allowing institutions to streamline operations and reduce costs. As an open, configurable, no-code platform, Lucinity offers a seamless integration of data, automated workflows, and a modern user interface, making it a crucial tool for enhancing productivity and operational efficiency in the financial sector.

Media Contact
Celina Pablo
Senior Marketing Manager
celina@lucinity.com