AI technology company SymphonyAI‘s financial crime, risk management and fraud detection division Sensa-NetReveal, has launched the ‘Sensa Copilot’ for financial crime investigators. The solution is the first to use generative AI for enhanced financial crime detection and management. SymphonyAI has also strategically partnered with Microsoft to integrate Microsoft’s Azure OpenAI service.
The Sensa Copilot provides investigators with a sophisticated AI assistant that automatically collects, collates, and summarises financial and third-party information. The offering is the first of a series of strategic applications from SymphonyAI to provide transformational generative AI applications across six separate divisions.
SymphonyAI suggests that the offering can accelerate investigations by up to 70 per cent. The Sensa Copilot interrogates all relevant sources including internal systems, third-party data, and curated web searches to collect information available on a suspicious entity and its activity. Generative AI then summarises this information into an easy-to-understand, natural language narrative describing why an alert has been raised and the type of risk the organisation is exposed to.
Organisations are able to use generated narratives to populate case logs and reports in a format that is easily explained to investigators and regulators. The Copilot is also context-aware and can calibrate its response depending on organisational threats and needs.
Operating in Azure, with capabilities to support private cloud, hybrid, or on-premise deployments, SymphonyAI generative AI applications are managed by the customer, ensuring adherence to privacy and security requirements and regulations. Vertical generative AI applications from SymphonyAI use Azure OpenAI Service and SymphonyAI large language models to analyse customer data sets and linked external sources, adhering to customer security and privacy requirements.
‘Blending generative AI technology with specialised financial crime investigation data’
Chuck Subrt, fraud and AML practice research director at Aite-Novarica Group, said: “CAMLOs are painfully attuned to the challenges created by rapidly growing volumes of suspicious activity alerts and the need for a massive step forward in making investigators more effective, productive, and efficient.
“A sophisticated, carefully curated approach to applying generative AI can have the potential to turbocharge and optimise the investigation process while tackling the overwhelming issue of false positives.
“Blending generative AI technology with specialised financial crime investigation data, Sensa Copilot offers an innovative approach that will resonate strongly with financial risk management leaders.”
Mike Foster, CEO of SymphonyAI Sensa-NetReveal, also explained the potential of the offering. He said: “The Sensa Copilot for financial crime investigators presents a transformative moment for financial crime investigation, just as ChatGPT has transformed the speed and detail of online searches.
“SymphonyAI has invested aggressively and boldly in unlocking the power of generative AI when it’s coupled with rich, specialised domain models and data sources. We’re excited about the unique value we can deliver as a leading enterprise AI company with deep domain knowledge applying generative AI in our solutions.
“The Sensa Copilot represents the first of many exciting developments in SymphonyAI’s near-term product roadmap.”
Eric Boyd, corporate vice president of the Azure AI platform at Microsoft, discussed the partnership with SymphonyAI: “Using Azure OpenAI Service in vertical enterprise applications such as Sensa Copilot will bring the power of generative AI to businesses to help improve many business processes. We are pleased to be working with SymphonyAI to implement our advanced technology for users’ needs across many industries and use cases”.