On Valentine’s Day, is it too much to ask that you love your AML system, too?

Let's break up with legacy AML systems!

Guðmundur Kristjánsson (GK)
3 min

As strange as that may sound, working with an inadequate AML compliance system is a lot like being in a bad relationship. Stuck in an endless cycle of pointless daily motions (sifting through endless amounts of data, trying to uncover the small fraction that's actually relevant to your AML investigations). You get fatigued, you become numb. You’re drowned in tedious and time-consuming tasks, working with outdated systems that lack the necessary tools to do what you need to not only feel better but sometimes even just exist in your job in any meaningful way.

And time is money, for your company. Every hour spent on manual data analysis is an hour of productivity lost, and this can add up quickly. As it scales from individual to teams, it starts affecting the bottom line, creating even worse impacts. And the woes don't stop at AML, affecting the whole business.

That's why it's so important to have an AML system that helps you work smarter, not harder, while delivering results faster.

An AML system you can love for all the things right now you don't.

A love affair for AML: Augmented Intelligence

At Lucinity, we understand the frustration. We've literally been there: I myself have been living in the world of manual data analysis, fragmented data silos, and legacy systems created before the iPhone.

That's why I've set out to build a platform with a focus on augmented intelligence, using design thinking centered on the user: Lucinity.

Our system uses explainable machine learning algorithms to process vasts amount of data, and make sense of complex customer behaviors and transactions. It provides AML analysts with intuitive data visualizations and narratives that help them quickly understand what's going on with their customers and their transactions.

And we made it so that users can fall in love with it. We designed our interface and infrastructure with the user in mind. We incorporated design thinking principles from the very beginning. Our customers don't need to be tech experts to use Lucinity – we made sure they can understand and trust it, but also get up to speed and start making informed decisions in no time.

The Story of Jessie and the power of augmented intelligence

Jessie is an AML analyst who has been tasked with investigating a customer's unusual behavior. Jessie is all of us in FinCrime, or at the very least we all know a Jessie: dealing with enormous workloads, tremendous responsibilities, and not enough time and inadequate tools to manage either.

Jessie has been working with multiple manual systems, and it's taking hours to sift through all the data. The fragmented data silos require constant context switching and cumbersome transfer of data, making Jessie feel constantly frustrated and overwhelmed, starting to fall behind on the backlog with no end in sight.

Enter Lucinity.

With augmented intelligence designed for AML analysts, Jessie is able to quickly and easily understand the customer's behavior. Key transactions that are relevant to the investigation are surfaced automatically, and red flags can be quickly identified for further investigation.

With the help of Lucinity's intuitive data visualizations and narratives, Jessie is able to communicate the findings to the larger team and make a recommendation for the next steps. Augmented to work much faster and more efficiently, completing the investigation takes but a fraction of the time than before.

The return on investment

Lucinity means that the business is saving time and money on its AML investigations. Their AML teams are able to work faster and smarter, able to make better decisions with stronger confidence.

And that's just the beginning. Lucinity is designed to scale as the business grows, both with the workload and the tools to stay ahead of the curve.

The bottom line

I don’t think it’s too much to ask that you can love your AML system. With Lucinity, our goal was to have a system that we would love to use. Designed to work with AML professionals, not against them. To create the perfect combination of human and machine: using the power of computing to help humans make informed decisions faster.

So don’t settle for a system that's holding you back. Especially on Valentine’s Day, think about who and what you want to fall in love with. With Lucinity, you'll experience the power of Augmented Intelligence, designed to make your AML compliance process faster and smarter.

Back in the day, I would've loved to love our AML system. That's why it makes me so happy to see our users loving Lucinity. In future articles, I'll be diving deeper into what makes Lucinity so appealing. I'm incredibly proud of our capabilities, and always happy to talk about small details that make big differences. Rethinking AML productivity from the ground up is a big task, but one I enjoy tremendously.

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