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

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Jul 01, 2024, 13:24 ET

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.

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Celina Pablo
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SOURCE Lucinity