AI-Powered Tools for Simplified Financial Crime Reporting are Released by NICE Actimize

NICE Actimize presents three cutting-edge generative AI-based technologies designed to combat financial fraud and expedite the reporting and investigative procedures.

Maurine Lind

February 20, 2024

1Min Read

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The solutions improve the efficiency of financial crime as well as compliance risk management programs by significantly reducing the amount of time needed for investigations and filing suspicious activity reports (SARs).

These include X-Sight AI Assist and X-Sight AI Narrate, which automate manual tasks and speed up workflows, and Xceed FraudDESK CoPilot GenAI, a fraud analyst assistant generative AI chatbot that improves operational analysis. These are integrated into NICE Actimize's ActOne enterprise risk case management platform.

"NICE Actimize CEO Craig Costigan stated that generative AI is an effective weapon in the fight against financial crime." The time and money savings that generative AI offers are advantageous in situations involving fraud, market manipulation, and anti-money laundering.

"NICE Actimize's use of generative AI services offers financial institutions a significant advancement in evolving financial crime and compliance programs and addressing their mounting expenses."

generative AI methodology
NICE Actimize's X-Sight and Xceed platforms both have generative AI capabilities:

Up to 70% faster SAR submissions are possible because to X-Sight AI Narrate, which cleverly synthesizes suspicious transaction data and investigative information to create coherent, thorough, and compliant SAR narratives.
X-Sight AI Assist meets the specific demands of each institution by summarizing, analyzing, and enriching alerts and cases. It also provides relevant information and recommendations to realize up to 50% efficiency improvements.
With Xceed FraudDESK CoPilot, mid-market banks and credit unions can achieve previously unheard-of efficiency improvements of up to 80% by outsourcing the labor-intensive, repetitive, and monotonous tasks of alert triage, prioritization, and case narration.