Finshark x Lucinity
About Finshark: Secure Open Banking Solution
Finshark is a modern, open-banking company offering instant payments, headquartered in Sweden. Investing a significant amount of time and money into its compliance processes, Finshark aims to stand out in the industry.
Knowing that criminals are out to exploit quick, instant payments, and serving high-risk industries, it was of utmost importance to Finshark to strengthen its compliance efforts.
Let's hear how Lucinity helped Finshark achieve its growth goals.
Finshark Implements Lucinity to Enable Global Growth
Challenge: Scaling Compliance
Finshark's goal was to run a high-performing financial crime prevention team efficiently, compliantly, and consistently. Its previous system was fragmented and inconsistent. One of Finshark's goals is to scale open banking internationally, so it needed a system that could help it achieve its strategic growth plans.
Solution: Finshark Implements Full Compliance Suite
Finshark implemented Lucinity's full product suite, including its AI-augmented Case Manager, the Luci AI Copilot, Customer 360, and Regulatory Reporting. Case investigations are now performed consistently, with AI automating manual tasks.
Results: Greater Consistency and Compliance
Finshark has seen significant improvements in the consistency of case handling and greater flexibility in the data it can monitor. Analysts can see the full picture of the case and all related context in one view, ensuring that no information is missed. Investigations are comprehensive, auditable, and easy to follow.
Challenge: Scaling Globally
Finshark's goal was to create a Financial Crime Prevention Program and Transaction Monitoring program that could run similarly to banks without requiring such a large team. They wanted an efficient and lean team with just a few analysts who could complete compliant, consistent, and secure investigations.
Finshark's previous system introduced challenges for the team, limiting its ability to operate at scale. In the previous system, if a transaction was triggered within the case, and there were 35 other transactions relevant to the case, they would not be shown. Finshark needed a system that could display a the full picture of the FinCrime investigation.
In the previous system, analysts completed investigations using their own method, resulting in a lack of consistency. Analysts had to access multiple systems to gather the necessary information and still completed much of the work manually. From a data perspective, the system also had other restrictions on the type of data they could send to the platform, resulting in technical issues.
Most importantly, their previous system was unsuitable for scaling outside of Sweden, and Finshark needed a solution to enable its international growth.
Decision: One of the Best Systems Out There
Finshark decided to work with Lucinity after receiving a recommendation from another Lucinity customer about the open banking payment space. Finshark's Chief Operating Officer said, "I heard a lot of good and cool things about Lucinity in the last couple of weeks, and the Head of Financial Crime Prevention said it's one of the best systems they've seen out there."
Finshark was particularly drawn to Lucinity's user-friendliness, scalability, and configurability. The cherry on top was the Luci copilot, which Finshark saw as an excellent opportunity to embed AI into its compliance operations.
Solution: AI-Augmented Case Manager
Finshark implemented Lucinity's AI-augmented Case Manager solution for FinCrime investigations. The Case Manager includes the Luci AI Copilot, which augments investigations with case summaries, report writing, and customer research. Finshark also uses Lucinity's Customer 360 to understand its customers fully. Regulatory Reporting was also implemented for seamless regulatory filing.
Implementation: Collaborative and Smooth
Finshark shares that Lucinity was clear about what could and couldn't be done at the start, making it easier to plan and adjust to realistic expectations. Klara Carlbring, Transaction Monitoring Lead at Finshark, said, "The whole onboarding process with Lucinity was extremely flexible; it was easy to get in contact with them and rearrange plans. I only had good experiences working with the Lucinity team, both on the technical side and user experience side. It was easy to collaborate."
Results: Improved Consistency and Compliance
Finshark has seen clear improvements since implementing Lucinity. Their investigations are much more streamlined than before. From the moment a case is opened, it's clear what the case is about and what needs to be done. The case is easy to follow and ensures that nothing is missed in the process. All the steps are configured to Finshark's business processes, making it very easy for all analysts to conduct consistent investigations.
Klara says, "We really appreciate the traceability of the investigation. When the same user comes up again with the flagged risk, it's easier to go back to historical cases and understand what was done in the previous case."
With Luci and the automation it provides, the administrative manual work involved in case investigations has been significantly reduced. "I know our developers are very happy with the flexibility of Lucinity, where you can send whatever type of data you want, and there are no limitations of what type of data you want to monitor," says Klara. Lucinity's solution stands out for its flexibility, a rare quality since most transaction monitoring systems primarily serve banking operations.
