The lack of cohesion in the artificial and the human intelligence operation is nowhere more evident than in AML monitoring and investigations. While there are multiple solutions and products that govern the monitoring world, with risk managers of financial institutions framing the behaviors to look for, modern systems fail to leverage effectively, one of the most important sources of intelligence – the case review process. This is where humans evaluate alerts on actual behavior against the policy and regulation and determine which alerts are productive and which ones are not. In the AML case review process, besides losing this gold mine of information, there is also an inherent injection of bias due to the individuality of the case reviewer. Adding to that, current operations teams are burdened with tons of false positives month after month that kill any human intelligence present due to fatigue and lack of oversight.
This is why we at Lucinity use advanced Augmented Intelligence techniques to bridge the gap between humans and computers, creating a powerful symbiosis. Our cutting-edge algorithms process millions of data points and do the heavy mathematical lifting while our Augmented intelligence algorithms present the predictions in an easy-to-understand, interactive and intuitive way just like a personal assistant would. We have managed to create a way to support the brain decision-making process by offering predictions and processed data so that employees do not have to do the manual, repetitive work but can focus on adding value at a higher level.
Combining the brain and computer superpowers
The human brain is wired for neuro-associative, creative ‘big picture’ tasks. It is brilliant at coming up with a hypothesis as to why things are a certain way and have a flow of imagination that supports creative problem solving and decision making. As we know, a computer is a mighty precision machine, which makes barely any mistakes and operates a lot faster than the human brain can. Computers are also capable of storing and recalling information with higher accuracy as data is compartmentalized, not influenced by new memories, nor subject to interpretative biases in a way that humans are.
The miraculous nature of the human brain is evident in its status as the most basic form of intelligence that we know, despite recent advancements in the field of general artificial intelligence and computer science. A human can conceptualize, associate, creatively think about a problem, judge a situation within the big picture, and empathize with people, all things a computer struggles with. Combining the two entities and extending a human’s cognitive capabilities beyond the brain’s limitations is going to be the most exciting development of the 21st century, and Lucinity is right at its forefront.
Lucinity brings humans and machines together to fight financial crime
At Lucinity, we combine a computer’s speed, precision, endurance, and data handling capabilities with the human traits of creative thinking, conceptualization, and abstract problem solving to arrive at the ultimate piece of the puzzle – Augmented Intelligence decision making. This technology allows AML investigators to navigate highly complex data with ease, offers valuable insights into the analysis using Artificial Intelligence, and all-around supports users in their decision-making process, to ultimately arrive at correct conclusions.
In our quest to make AML monitoring and case review effective and efficient, we at Lucinity, aim not to use artificial intelligence OR human intelligence. We dare to ask – is it too much to ask for both?