Lucinity's AI Copilot Wins Innovation in Financial Crime Prevention Award at ICA Compliance Awards 2024

REYKJAVIK, Iceland, July 1, 2024 /PRNewswire/ — Lucinity has been awarded the 2024 ICA Financial Crime Prevention Innovation Award in recognition of the company's leading AI innovations, including Luci co-pilot. The ICA Compliance Awards celebrate excellence in compliance and financial crime prevention, and Lucinity's generative AI co-pilot, Luci, stood out for its significant impact on operational efficiency.

Launching in 2023, Luci uses generative AI to transform complex financial data into actionable insights, reducing case investigation time from an average of three hours to just 30 minutes, leading to significant cost savings: Tier 1 banks could save up to $36 million annually in training and recruiting costs and increase productivity by $100 million annually.

Luci includes out-of-the-box skills like case summarization, business validation, adverse media and negative news search, funds flow visualization, transaction summarization, creating and sending Requests for Information (RFIs), generating Suspicious Activity Reports (SARs), address checks, etc. These capabilities enable compliance teams to shift their focus from manual tasks to higher level decision making.

To further enhance its services, Lucinity recently released the Luci Plugin, which allows seamless integration with any web-based application. The plugin is platform agnostic and can be embedded into a variety of tech stacks, including case management systems and CRMs. Financial institutions can immediately reap the benefits of AI and automation, leading to a more efficient and consistent workforce and up to 90% increased productivity.

Lucinity continues to ensure maximum security and responsible AI development through its integration with OpenAI on Microsoft's Azure. Lucinity also recently released Luci Studio, which allows users to customize their AI copilot with a no-code, drag-and-drop user interface and fully explain the actions the AI ​​will take.

Gumundur Kristinsson, founder and CEO of Lucinity, expressed his gratitude, saying, “2023 and 2024 have been transformative years for Lucinity. Seven major banks now want to trial Luci, interest in our AI copilot is growing, and we have received numerous accolades and media attention. Luci is proving to be an essential tool in financial crime operations.”

This award follows a number of other achievements for Lucinity in 2024, including inclusion on the Fintech100 list, winning the Microsoft Partner of the Year award and recognition in Chartis Research's 2024 FinCrime and Compliance 50 rankings.

The full list of ICA Compliance Awards 2024 winners can be found here

Contact: Selina Pablo[email protected] +354 792 4321

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