Generative AI has the potential to significantly enhance the skills of less-experienced workers. It can also improve the quality of their output, and result in substantial cost savings for the banking sector.

Moreover, research released by Lucinity suggests that a Tier 1 bank has the potential to achieve annual savings ranging from $15m to $36m on training and recruitment expenses. This cost reduction is attributed to the more efficient onboarding process for less experienced employees, who can be rapidly upskilled. As a result, these employees are able to contribute more effectively. With higher quality, they can deliver a 40% increase in output value to the business.

Lucinity customer trials demonstrated that simple, empathetic AI systems that support lower-level compliance teams in banks can address skills gaps and reduce staff turnover as compliance analysts are empowered to carry out more rewarding investigating tasks.

This comes on top of potential productivity savings of $25m a year by cutting the time of financial crime investigations from 2.5 hours to 25 minutes.

Lucinity: $25m raised to date, kicks off Series B funding

Lucinity attributes performance enhancement to its integration of Open AI’s advanced GPT-4 and GPT 3.5 technologies over the past year. This integration accelerated the development of its platform and the ability to support inexperienced compliance workers in banking.

Lucinity has now embarked upon a Series B round of funding. Customers include a Tier 1 US bank and CurrencyCloud. Lucinity has raised over $25m to date. It now seeks further investment to shape its go-to-market plans and continue product development.

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By GlobalData

Lucinity’s AI Copilot, known as ‘Luci,’ leverages this GPT technology to simplify the complexity of financial crime data. The vendor says that it is transforming it into easily interpretable visualisations, executive summaries, and comprehensive reports. In turn, this equips compliance teams with the tools to rapidly assimilate and act on critical information. The result is an improvement in the analytical process and enhanced investigative competencies at an earlier stage.

“Our copilot turns everyday analysts into superhero investigators,” said Gudmundur Kristjansson, CEO of Lucinity. “We’ve made Luci easy to use and instantly rewarding to the user. They feel empowered soon after using it for the first time. It means compliance teams learn faster and quickly develop into more valuable case reviewers and investigators.”

Lucinity clients include Visa’s cross-border solution, CurrencyCloud.

Lucinity’s Luci a game changer: CurrencyCloud

Billy Pinder, head of transaction monitoring, CurrencyCloud added: “Lucinity Platform has been a fundamental driver of efficiency in the team. Before implementing Lucinity, we had information from multiple data sources. Across all complex investigations, our analysts are now more capable of getting to the heart of the issue. And understanding whether a particular pattern of behaviour is indeed suspicious. Luci will be a game-changer for us.”