Lucinity, an AI software company for financial crime operations, has launched an ‘AI copilot plugin’ tool that is predicted to help financial institutions (FIs) save £105 million and thousands of hours fighting financial crime.  

The AI copilot plugin, called Luci, accelerates the work of analysts and investigators - compliance teams learn faster and quickly become more efficient case reviewers and investigators, saving banks up to £28 million a year in training and recruitment costs. This is in addition to a potential £78 million yearly boost in productivity* by cutting down financial crime investigation times from three hours to 30 minutes. 

This breakthrough comes at a time when UK financial services organisations are collectively spending £66 billion each year on financial crime compliance. 

“Financial crime is a seismic issue for financial institutions, costing them enormous amounts of time and money. This will only increase year-on-year as financial crime becomes more sophisticated and widespread, so it is vital that banks have a quick, cost effective, and compliant solution to solve the problem at scale, but that does not require infrastructure changes or significant investment,” said Lucinity CEO, Guðmundur Kristjánsson.

“The AI copilot plugin will make it much easier and accessible for financial institutions to use AI to detect and catch cases of money laundering and fraud.”

The plugin functionality means that generative AI can be integrated immediately into any web-based application that FIs use, including customer relationship management (CRM), case management, and third-party vendor systems, as well as Excel documents.

Therefore, businesses can keep the same licenses and contracts they have with existing providers and instantly reap the rewards of augmented insights and accelerated decision making. 

One user of Lucinity’s AI technology is Pleo. Hannah Becher, Fraud and AML Surveillance Lead at Pleo, said: “Luci streamlines our proof of business checks, enhancing efficiency and accuracy. These checks, once manual and time-consuming, now take just minutes and ensure full auditability and explainability.”