Reykjavik, Iceland, September 13, 2023 – Lucinity, a leader in Generative AI solutions for financial crime prevention, is honored to announce that it has received the 2023 AML Impact Award for Best Financial Crime Investigation and Reporting Innovation. The award is presented by Datos Insights (formerly Aite-Novarica Group), a prominent global advisory firm serving the Financial Services sector.
The AML Impact Awards identifies industry leaders developing innovative solutions to combat anti-money laundering (AML) and fraud. Datos Insights evaluated submissions based on rigorous criteria, including innovation, competitive advantage, market need, financial crime risk mitigation, impact on customer experience and operational efficiency, integration, scalability, and future roadmap. A global panel of fraud and AML experts judged the submissions.
Chuck Subrt, Fraud & AML Practice Director at Datos Insights, emphasizes the importance of the award, stating, "The ongoing economic uncertainty is compelling organizations to manage costs more carefully and find ways to improve operational efficiency and resource utilization."
Lucinity secured this recognition for its development of Luci, a Generative AI copilot powered by chatGPT-4. The Luci copilot transforms complex data into actionable insights, cutting the time required for a typical case investigation from 2 hours and 47 minutes to just 29 minutes, as shown in a recent case study.
With Lucinity, financial crime investigators benefit from a unified data hub, eliminating the need to sift through disparate systems. Luci can then summarize and explain relevant information, automate time-consuming tasks, and write detailed regulatory reports, among many other skills. The result is improved financial crime mitigation, lower regulatory risk, reduced operational costs, and enhanced user experience.
Will Staples, Group MLRO at Currencycloud, one of Lucinity's clients, says, "Luci will be a game changer for us, empowering our team to make more informed decisions and saving valuable time and resources."
Designed with modularity, Lucinity's solutions seamlessly integrate into clients' existing tech ecosystems, eliminating the need for costly replacements and delivering instant value. Luci was built with Microsoft's Azure OpenAI, supporting the highest security standards.
Guðmundur Kristjánsson (GK), Founder and CEO of Lucinity, remarks, "Securing this award is both an honor and a testament to the market's demand for our advanced Generative AI solutions."
By winning this prestigious award, Lucinity underscores its commitment to pioneering faster, smarter financial crime prevention solutions and making significant strides in combating financial crime.
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.
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