Fintech PR
Lucinity Wins Workflow Automation Award in the Chartis Research FinCrime and Compliance 50 Ranking for 2024
REYKJAVIK, Iceland, March 20, 2024 /PRNewswire/ — Lucinity has won the Chartis Research Award for Workflow Automation, recognizing Lucinity’s ability to eliminate inefficiencies in compliance processes through AI and automation. Lucinity has also been recognized as one of the top 50 Financial Crime and Compliance companies (FCC50) for 2024 by Chartis Research. Around 300 vendors were evaluated in this research.
The FCC50 ranking by Chartis Research spotlights vendors leading the FinCrime and compliance space, a market likely to be worth over $26 billion by the end of 2025. As financial criminals employ increasingly sophisticated methods, the value of advanced and efficient tools in compliance has never been greater.
A cornerstone of Lucinity’s products is Luci – a generative AI copilot that generates insights, assists in writing regulatory reports, upskills Junior analysts, and automates workflows according to the distinct processes and policies of each financial institution.
Luci automates compliance process that reduces process waste, speeds up investigation times, and decreases costs for compliance. A tier 1 bank estimates that Luci has the potential to save them $100 million annually by reducing review times from an average of 2.5 hours to an impressive 25 minutes.
“Lucinity’s Workflow Automation award and inclusion in the FCC50 reflect its unique and growing position in this space, built on three factors,” said Nick Vitchev, Research Director at Chartis. “First, it understands a perennial pain point for many firms: the need for greater workflow automation, consistency, and efficiency. Second, it aims to solve these challenges with genuine innovation in contextual GenAI, processes, data enrichment, and integration. Third, it has a highly developed and growing partnership and collaboration network.”
Gudmundur Kristjansson, Co-Founder and CEO of Lucinity comments, “Through our focus on workflow automation, Lucinity is able to save thousands of hours from the investigation process, drastically reducing the cost of compliance for financial institutions. This means that banks can then shift resources to revenue-generating areas of the business, rather than pouring more resources into compliance.”
Lucinity’s recognition by Chartis Research follows its recent recognition by Gartner as a Cool Vendor in the 2023 Gartner® Cool Vendors™ in Applying Generative AI to Banking report, its award for the Best Financial Crime Investigation and Reporting Tool in the 2023 AML Impact Awards presented by Datos Insights, and its listing on the Microsoft Azure Marketplace.
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