REYKJAVIK, Iceland,
July 1, 2024 /PRNewswire/ --
Lucinity has received the 2024 ICA Award for Innovation
in Financial Crime Prevention, recognizing its exceptional AI
innovations, including the Luci copilot. The ICA Compliance Awards
celebrate excellence in compliance and financial crime prevention,
and Lucinity's Generative AI copilot, Luci, stood out for its
significant impact on operational efficiency.
Luci, launched in 2023, transforms complex financial data into
actionable insights using generative AI. It reduces case
investigation times from an average of three hours to just 30
minutes, resulting in substantial cost savings. A Tier 1 bank can
potentially save up to $36 million
annually in training and recruitment costs and boost productivity
by $100 million yearly.
Luci includes out-of-the-box skills such as case summarization,
business validation, adverse media and negative news searches,
money flow visualizations, transaction summaries, writing and
sending requests for information (RFI), generating Suspicious
Activity Reports (SARs), and address checks. These features allow
compliance teams to shift their focus from manual tasks to
higher-level decision-making.
To further enhance its offerings, Lucinity recently launched the
Luci plugin, enabling seamless integration with any web-based
application. The plugin is platform agnostic, allowing it to be
incorporated into various tech stacks, including case management
systems and CRMs. Financial institutions can immediately benefit
from AI and automation, leading to a more efficient and consistent
workforce and productivity boosts of up to 90%.
Lucinity continues to ensure maximum security and responsible AI
development through its integration with Microsoft's OpenAI on
Azure. Lucinity also recently launched the Luci Studio where users
can customize their AI copilots in a no-code, drag-and-drop user
interface, providing full explainability for the actions that AI
takes.
Founder and CEO of Lucinity, Guðmundur Kristjánsson, expressed
his gratitude, stating, "2023 and 2024 have been transformative
years for Lucinity. With seven large banks now requesting to trial
Luci and widespread interest in our AI copilot, we've received
numerous accolades and media attention. Luci is proving to be an
essential tool in financial crime operations."
This award follows several other achievements by Lucinity in
2024, such as the inclusion in the Fintech100 list, winning the
Microsoft Partner of the Year Awards, and acknowledgment in Chartis
Research's FinCrime and Compliance 50 Ranking for 2024.
The full list of winners for the ICA Compliance Awards 2024 can
be found here.
Contact:
Celina Pablo
celina@lucinity.com
+354 792 4321
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