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Technology

NICE Actimize Targets Generative AI for Financial Crime

iStock 1248100911 - Global Banking | Finance

NICE Actimize has officially launched three new Generative AI solutions to address the complex demands of fraud and financial crime operations, applying its “Thoughtful AI” approach that prioritizes data privacy, safety, and explainability. The solutions apply across NICE Actimize’s X-Sight and Xceed platforms.

NICE Actimize’s new solutions target financial crime and its unique requirements, some of which include providing seamless integration of generative AI technology to address he rising costs of compliance, increased regulatory demands, and the increased volume of investigations facing analysts across fraud and anti-money laundering. NICE Actimize’s Generative AI gathers relevant data, automates analysis, and produces critical insights to guide investigators to reduce risk.

NICE Actimize’s technology provides automation of non-analytical tasks based on a financial institution’s existing policies and procedures and enables human focus to high value tasks that require critical thinking to make without the need for disruptive, repetitive conversational chatbots. 

“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.”

The introductions offer Generative AI 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 which intelligently synthesizes suspicious transaction data and investigation intelligence generating coherent, comprehensive, and compliant SAR narratives, speeding up SAR filings by up to 70%. 

The second introduction is X-Sight AI Assist which 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%. Last, the third offering is Xceed FraudDESK CoPilot which 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.

NICE Actimize is also kicking off a webinar series on Generative AI, commencing with “The Power of Generative AI in Fraud & Financial Crime.” Free registration is available at the link here.

 

For details on NICE Actimize’s X-Sight Generative AI solutions, click here., and to learn more about  NICE Actimize’s Xceed Generative AI FraudDESK CoPilot solution, click here.

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