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Lucinity Enhances AI Copilot Plugin to Help FIs Tackle Financial Crime

A newly launched generative AI copilot plugin from SaaS AI financial crime-focused firm, Lucinity, is already delivering immediate results for fintechs.

Launched on Thursday 6 June at Money20/20 Europe, the new AI copilot enhances ‘Luci’, an existing offering from Lucinity, making it far easier to integrate into financial institutions. The upgrade boasts the ability to enhance productivity by as much as 90 per cent and result in significant cost savings.

The copilot plug-in is system-agnostic, acting as one central copilot that can be used on top of all web-based enterprise applications, pulling data from any system including Customer Relationship Management (CRM) systems, case management systems, third-party vendors, and Excel documents.

The new offering also enables businesses to keep their existing licenses and contracts with their current providers, while augmenting their insights and accelerating decision-making. FIs can now use generative AI without the constraints, enormous costs, and lengthy timelines of traditional implementations.

Hannah Becher, fraud and AML surveillance lead at Pleo
Hannah Becher, fraud and AML surveillance lead at Pleo

Lucinity explained that its customers have already seen improvements by leveraging ‘Luci’. Hannah Becher, fraud and AML surveillance lead at Pleo, a fintech providing businesses with spending solutions, explained: “Luci is streamlining Pleo’s proof of business (POB) checks, significantly enhancing the efficiency and accuracy of verifying the legitimacy of new customers. With Luci, these checks are completed in a matter of minutes.

“The process runs automatically or is manually initiated as part of the review process. Luci not only evaluates the legitimacy of businesses but also provides well-documented recommendations with complete references to the data sources used, ensuring full auditability and explainability of its assessments. The automated POB check can be reviewed and edited by Pleo’s analysts to ensure correctness.”

Automating workflows

Lucinity has also released the Copilot Skills Studio, a new workflow automation studio leveraging Generative Intelligence Process Automation (GIPA). GIPA combines traditional AI, generative AI, and Robotic Process Automation (RPA) all in one, to automate end-to-end processes that typically involve repetitive work, information gathering and analysis, or human-like decision-making abilities.

This includes automating end-to-end workflows to gain insights on customers, such as running a negative news search, producing a transaction summary from a screenshot of Excel, and obtaining a money flow visualisation from a customer’s transactions.

Guðmundur Kristjánsson, founder and CEO of Lucinity
Guðmundur Kristjánsson, founder and CEO of Lucinity

All the insights can then be directly added to a case or a customer’s profile. This process typically requires one to four hours, but can now be performed in a matter of minutes. Using this technology, FIs can automate entire workflows that they could initially only perform by executing various tasks across multiple systems.

“One of the most common things we hear from FIs is that they love our products but they have an old system they can’t get rid of that they’ve just invested in,” said GuĂ°mundur Kristjánsson, founder and CEO of Lucinity. “With our new copilot plug-in, that’s not a problem. I was blown away when using Luci myself in our own CRM system and directly in Microsoft Outlook to prepare for meetings.

“I never thought I would start to use our own software without working directly in FinCrime prevention, but Luci is just so powerful now that it is even assisting me in my daily work.”

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