NICE Actimize introduces three advanced generative AI-based solutions aimed at combating financial crime and streamlining investigations and reporting processes.
The solutions provide significant reductions in investigation time and substantial time savings in suspicious activity report (SAR) filing, improving efficiency in financial crime as well as compliance risk management programmes.
Integrated into NICE Actimize’s ActOne enterprise risk case management platform, they include X-Sight AI Assist and X-Sight AI Narrate, which automate manual tasks and expedite workflows, and Xceed FraudDESK CoPilot GenAI, a fraud analyst assistant generative AI chatbot enhancing operational analysis.
“Generative AI is a powerful tool in fighting financial crime,” said Craig Costigan, CEO, NICE Actimize. “Anti-money laundering, fraud, and market manipulation scenarios benefit from the cost and time savings that generative AI provides.
“NICE Actimize’s use of generative AI services provide a monumental step forward in helping financial institutions evolve financial crime and compliance programs and address their growing costs.”
Generative AI approach
NICE Actimize features generative AI capabilities in both its X-Sight and Xceed platforms:
X-Sight AI Narrate intelligently synthesises suspicious transaction data as well as investigation intelligence generating coherent, comprehensive, and compliant SAR narratives, speeding up SAR filings by up to 70 per cent
X-Sight AI Assist summarises, analyses, and enriches alerts and cases, meeting each institution’s unique needs while providing pertinent information and guidance to realise efficiency gains of up to 50 per cent.
Xceed FraudDESK CoPilot handles the repeatable, tedious, labour-intensive aspects of alert triage, prioritisations, and case narrations, providing unprecedented efficiency gains of up to 80 per cent for mid-market banks and credit unions.
The post NICE Actimize Launches AI Tools for Streamlined Financial Crime Reporting appeared first on The Fintech Times.