NICE Actimize: Harnessing Gen AI to Fight Financial Crime

It wouldn’t be a stretch to say NICE Actimize is leading the never-ending fight against financial crime. 

As one of the largest and broadest providers of financial crime, risk and compliance solutions, the firm is helping regional and global financial institutions, as well as government regulators, in their bid to protect themselves and their customers.

Now, NICE Actimize is harnessing the power of AI to enhance this ongoing effort. 

Its trio of new generative AI-based solutions are designed to fight financial crime and allow organisations to significantly reduce the manual, labour-intensive tasks currently employed in financial crime investigations and reporting.

They are said to offer a reduction in investigation time of up to 50% and time savings of 70% when it comes to SAR filing, providing unprecedented efficiency in financial crime and compliance risk management programmes. 

“Gen AI is a powerful tool in fighting financial crime,” comments Craig Costigan, CEO at NICE Actimize, a subsidiary of the overarching NICE business. “Anti-money laundering, fraud and market manipulation scenarios benefit from the cost and time savings that Gen AI provides.

“NICE Actimize’s use of Gen AI services provides a monumental step forward in helping financial institutions evolve financial crime and compliance programmes and address growing costs.”

Protecting financial institutions and customers

NICE Actimize is consistently ranked as a leader in the financial crime, risk and compliance solutions space.

This is achieved through its expert application of innovative technology to protect institutions and safeguard consumers’ and investors’ assets by identifying financial crime, preventing fraud and providing regulatory compliance. 

Among NICE Actimize’s services are real-time, cross-channel fraud prevention, anti-money laundering detection and trading surveillance solutions that address concerns including payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence and insider trading. 

As part of efforts to offer solutions for all types and sizes of financial institutions, the firm is now integrating Gen AI capabilities into both its X-Sight and Xceed platforms.

Targeted Generative AI solutions 

With Gen AI embedded into its advanced ActOne enterprise risk case manager, two of NICE Actimize’s latest cutting-edge solutions, X-Sight AI Narrate and X-Sight AI Assist, are set to transform financial crime by reducing manual tasks and seamlessly expediting workflows with existing policies and procedures.

The former is designed to intelligently synthesise suspicious transaction data and investigation intelligence, generating coherent, comprehensive and compliant SAR narratives. 

Meanwhile, the latter summarises, analyses and enriches alerts and cases, meeting each institution's unique needs while providing pertinent information and guidance to realise efficiency gains.

The third solution, Xceed FraudDESK CoPilot, is its new fraud analyst chatbot assistant, which uses Gen AI to create unprecedented efficiency gains in operational analysis. It handles the repeatable, tedious, labour-intensive aspects of alert triage, prioritisations and case narrations, providing gains of up to 80% for mid-market banks and credit unions.  

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