NICE Actimize Launches the Next Gen of Financial Crime and Compliance Investigations with GenAI Solutions

TechnologyFinancial ServicesNewsRegulation and Compliance Managment

By Business Wire On Feb 16, 2024

Three groundbreaking solutions expedite the speed of investigations by over 50% with the power of Generative AI

NICE Actimize, a NICE business, announces three advanced generative AI-based solutions designed to fight financial crime and allow organizations to significantly reduce the manual and labor-intensive tasks currently employed in financial crime investigations and reporting. Offering up to a 50% reduction in investigation time and 70% time savings in SAR filing, these innovations provide unprecedented efficiency in financial crime and compliance risk management programs.

“The Power of Generative AI in Fraud & Financial Crime”

With generative AI embedded into NICE Actimize’s advanced ActOne enterprise risk case management platform, two of these cutting-edge solutions, X-Sight AI Assist and X-Sight AI Narrate, transform financial crime by reducing manual tasks and seamlessly expediting workflows with existing policies and procedures. ActOne enterprise risk case manager is trusted by the world’s leading financial services organizations and is used by over 300,000 analysts and investigators daily.

A third solution, NICE Actimize’s Xceed FraudDESK CoPilot is its new Fraud Analyst Assistant Generative AI chatbot, which uses generative AI to create unprecedented efficiency gains in operational analysis.

“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,” said Craig Costigan, CEO, NICE Actimize. “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.”

Targeted Generative AI solutions

Offering solutions for all types and sizes of financial institutions, NICE Actimize features these generative AI capabilities in both its X-Sight and Xceed platforms, including:

X-Sight AI Narrate intelligently synthesizes suspicious transaction data and investigation intelligence generating coherent, comprehensive, and compliant SAR narratives, speeding up SAR filings by up to 70%.
X-Sight AI Assist summarizes, analyzes, and enriches alerts and cases, meeting each institution’s unique needs while providing pertinent information and guidance to realize efficiency gains of up to 50%.
Xceed FraudDESK CoPilot handles the repeatable, tedious, labor-intensive aspects of alert triage, prioritizations, and case narrations, providing unprecedented efficiency gains of up to 80% for mid-market banks and credit unions.

[To share your insights with us as part of editorial or sponsored content, please write to sghosh@martechseries.com]