Three new AI-based solutions are brought to the banktech market, as NICE Actimize is targeting financial services players seeking to improve their crime reporting efforts.
The New York City-based firm shared with QA Financial that it has developed and launched three generative AI-based tools aimed at combating financial crime and streamlining investigations and reporting processes.
“The solutions provide reductions in investigation time and time savings in suspicious activity report filing, improving efficiency in financial crime as well as compliance risk management programmes,” explained Craig Costigan, the current chief executive of NICE Actimize.
Integrated into the firm’s biggest product, its enterprise risk case management platform, the new features automate manual tasks and expedite workflows.
One of the tools consists a fraud analyst assistant generative AI chatbot enhancing operational analysis.
“Generative AI is a powerful tool in fighting financial crime.”
Craig Costigan
“Anti-money laundering, fraud, and market manipulation scenarios benefit from the cost and time savings that generative AI provides,” Costigan continued.
“We use generative AI services to provide a step forward in helping financial institutions evolve financial crime and compliance programs and address their growing costs,” he said.
New tools
The three new features include X-Sight AI Narrate, which intelligently synthesises suspicious transaction data as well as investigation intelligence generating compliant SAR narratives, speeding up SAR filings by up to 70 per cent.
The firm’s second tool is called X-Sight AI Assist, which summarises, analyses, and enriches alerts and cases, meeting financial services’ needs while providing pertinent information and guidance to realise efficiency gains of up to 50 per cent.
Finally, there is Xceed FraudDESK CoPilot, which handles the repeatable, tedious, labour-intensive aspects of alert triage, prioritisations, and case narrations, providing efficiency gains of up to 80 per cent for mid-market banks and credit unions.
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