NICE Actimize has unveiled three groundbreaking generative AI-based solutions aimed at combatting financial crime and enabling organizations to streamline labor-intensive tasks in financial crime investigations and reporting. These innovative solutions, integrated into NICE Actimize's ActOne enterprise risk case management platform, promise to deliver a remarkable 50% reduction in investigation time and a substantial 70% time savings in Suspicious Activity Report (SAR) filing, offering unparalleled efficiency in financial crime and compliance risk management programs.
“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,” said Craig Costigan, CEO, NICE Actimize.
The first two solutions, X-Sight AI Assist and X-Sight AI Narrate leverage generative AI within the ActOne platform to revolutionize financial crime processes. These solutions minimize manual tasks, accelerate workflows, and ensure seamless adherence to existing policies and procedures. ActOne is a trusted platform used by leading financial services organizations and deployed by over 300,000 analysts and investigators globally.
The third solution, Xceed FraudDESK CoPilot, introduces the Fraud Analyst Assistant Generative AI chatbot. This tool employs generative AI to enhance operational analysis, bringing unprecedented efficiency gains to alert triage, prioritization, and case narrations. Specifically designed for mid-market banks and credit unions, Xceed FraudDESK CoPilot promises efficiency gains of up to 80%, addressing these processes' repetitive and labor-intensive aspects.
NICE Actimize extends these advanced generative AI capabilities across its X-Sight and Xceed platforms, catering to financial institutions' diverse needs and sizes. X-Sight AI Narrate intelligently synthesizes suspicious transaction data for compliant SAR narratives, achieving a remarkable 70% reduction in SAR filing time. Meanwhile, X-Sight AI Assist streamlines alert and case analysis, providing tailored information and guidance for up to a 50% efficiency gain. Xceed FraudDESK CoPilot, with its AI-driven chatbot, stands out with an impressive 80% efficiency gain in alert triage, prioritization, and case narration for mid-market banks and credit unions.
In other news, NICE has finalized the acquisition of LiveVox, bringing together NICE's CXone platform and LiveVox's specialized AI-driven proactive outreach features.
