Reykjavik, Iceland – April 22nd, 2024 – Lucinity has won theChartis 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. This achievement places Lucinity among the top 50 companies shaping the fight against financial crime through effective AML workflow automation out of around 300 vendors who 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. This research stemmed from the realization that as financial criminals employ increasingly sophisticated methods, the value of advanced and efficient tools in compliance, such as AML workflow automation, has never been greater.
Lucinity’s inclusion in this prestigious top 50 list and the award for AML workflow automation emphasizes its success in providing such relevant and innovative solutions. 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.
The result is an automated 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 itslisting on the Microsoft Azure Marketplace.
About Lucinity
Lucinity is an innovative SaaS company serving banks and fintechs aiming to reduce operational costs in financial crime and compliance. The company’s AML workflow automation solutions enable financial institutions to save significant time by automating compliance workflows. Leveraging its case management solution and GenAI-powered copilot, Lucinity accelerates financial crime investigations for compliance teams, ensuring consistent, thorough, and fully auditable reviews.
Lucinity’s platform consolidates all relevant data into one intuitive and analyzed platform, featuring a modern interface for enhanced user experience. Lucinity leverages a partner network for real-time fraud monitoring and sanctions screening. Lucinity’s SaaS model minimizes implementation and maintenance costs, offering cost-effective solutions for its clients. This approach to AML workflow automation allows clients to leverage Lucinity alongside their existing systems without the need to rip-and-replace.
Headquartered in Reykjavik, Iceland, Lucinity serves global markets, including North America and Europe, delivering unparalleled efficiency and effectiveness in financial crime and compliance operations.
About Chartis Research
Chartis Research is the leading provider of research and analysis on the global market for risk technology. It is part of Infopro Digital, which owns market-leading brands such as Risk and WatersTechnology. Chartis’ mission is to support banks, tech vendors, investment managers and insurers with independent research and advice on all aspects of risk, compliance and financial technology. With its strong customer relationships and deep technology expertise, it is uniquely able to map market trends and vendor landscapes in financial risk, trading, credit, financial crime, GRC, insurance and energy.
Media ContactCompany Name: LucinityContact Person: Celina Pablo, Senior Marketing ManagerEmail: Send EmailCountry: IrelandWebsite: https://lucinity.com/
