NICE Actimize, a leading provider of financial crime, risk, and compliance solutions, has unveiled a new suite of generative AI-based innovations.
NICE Actimize is at the forefront of combating financial crimes by streamlining and enhancing the efficiency of investigations and reporting processes. These new solutions promise a significant reduction in the time and effort traditionally required for financial crime investigations and compliance reporting, offering up to a 50% decrease in investigation time and a 70% reduction in SAR filing time.
The introduction of these solutions stems from the growing need to combat financial crimes more efficiently and effectively. With financial institutions facing escalating challenges and costs associated with financial crime and compliance programs, NICE Actimize’s generative AI solutions represent a significant leap forward. By leveraging advanced AI technologies, these solutions aim to reduce manual, labor-intensive tasks, thus allowing organizations to focus on more strategic aspects of financial crime prevention and compliance.
The newly launched products include X-Sight AI Assist and X-Sight AI Narrate, which automate and enhance the analysis and reporting of suspicious activities. Additionally, the Xceed FraudDESK CoPilot, a generative AI chatbot, assists fraud analysts by handling the repetitive and labor-intensive aspects of alert triage and case management. These innovations aim to significantly increase operational efficiency in financial crime and compliance investigations.
Craig Costigan, CEO of NICE Actimize, “Generative AI is a powerful tool in fighting financial crime. 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.”
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