Lucinity Wins Iceland’s Knowledge Company Award for 2024
Lucinity has won the FVH Knowledge Award for 2024, awarded by the President of Iceland to Lucinity for its unique innovations in AI.
Reykjavik, Iceland, May 13, 2024 - Lucinity has been awarded as Iceland's Knowledge Company for 2024, recognizing its unique AI innovations in financial services. Focused on acknowledging impactful and innovative technology, the 2024 Þekkingarverðlaun (FVH) award was awarded by the President of Iceland to Lucinity.
About the FVH Knowledge Award
The FVH Knowledge Award is an annual award given by the Association of Business Experts and Economists to companies that excel in technological innovation. Celebrated since 2000 under the patronage of the President of Iceland, Guðni Th. Jóhannesson, the award honors companies that achieve significant societal impact through their innovative solutions.
This year, the 2024 FVH Knowledge Award focused on awarding the development and implementation of AI technologies that yield measurable and lasting benefits for society. Previous recipients of the FVH Knowledge Award include notable Icelandic companies such as Marel, Islandsbanki, Össur, CCP, Icelandair, The Blue Lagoon, Kerecis, and Creditinfo, illustrating the award's prestigious legacy. Alongside Lucinity, a recognition award was presented to Dala.Care, which has built a suite of applications designed to support caregivers and care providers.
Lucinity’s Achievement
The Association of Business and Economists (FVH) elaborated that Lucinity stood out due to its focus on taking the ingenuity and creativity of humans and empowering them through the use of AI and automation. This is because Lucinity has been working on software solutions that allow banks and FinTech to investigate and fight financial crimes more effectively with the help of AI solutions, primarily the Luci copilot.
Luci is a generative AI solution for financial institutions which made its debut in June 2023. Luci is tailored to the world of financial crime investigations and works with data in a secure environment. Luci manages to harness the power of technology and deliver results in human language for employees who can then make faster and more informed decisions. Lucinity's solution provides its customers with increased productivity and can save them approximately 5 hours a day on data gathering and analysis. Money laundering and other financial crimes account for an estimated 2-5% of global GDP each year. The legal requirements on financial institutions to curb these crimes are considerable, and Lucinity's solutions play a major role in addressing this challenge.
Lucinity's Founder and CEO, Guðmundur Kristjánsson, comments: "We're very proud to receive this recognition in our home base of Iceland. The vibrant environment here is rich with talent and innovation, truly making it a hub for technological advancement. This award strengthens our commitment to continue advancing AI solutions in the financial space."
About Lucinity
Founded in 2018 and headquartered in Reykjavik, Iceland, Lucinity is a leader in applying artificial intelligence to the financial sector, specifically targeting solutions for financial crime investigations. The company operates with a pioneering approach that integrates generative AI with human expertise, aiming to enhance the efficiency and effectiveness of financial crime risk and compliance teams.
Through its flagship product, the Luci copilot, Lucinity transforms complicated, risk-relevant data into actionable insights, empowering financial institutions to detect, investigate, and prevent illicit financial activities more efficiently. Overall, Lucinity's software platform is distinctive in its use of augmented intelligence to streamline anti-money laundering (AML) operations. The solutions provided are scalable, streamlined, and cost-effective, addressing key challenges in financial crime compliance by reducing false positives and operational inefficiencies commonly associated with legacy systems.
Learn more about Lucinity and its solutions at https://lucinity.com/
About FVH
Association of Business and Economics graduates (FVH) is an Icelandic association of university graduates in the field of business and economics. It also welcomes individuals who share an interest in these fields.
Its primary objective is to encourage ongoing education in business and economics, facilitate discussions on issues and research in the field, and to provide members with practical information on matters that can further advance their careers. Furthermore, the Association is a platform to foster connections and relationships among professionals in these sectors.
Þekkingardagurinn (e. The Knowledge Day) is an annual ceremony that celebrates achievements within a specific theme. During the event, companies that have demonstrated excellence in relation to the chosen subject are awarded for their success. Additionally, a noteworthy businessperson or economist is celebrated for an exceptional performance in the preceding year. The President of Iceland is the patron of the Icelandic Knowledge Award.
Learn more about FVH at https://www.fvh.is/
