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A generative AI copilot plug-in has been launched today by Lucinity at Money2020 Europe, promising to deliver instant return on investment (ROI) for financial institutions. The plug-in is distinguished by its system-agnostic nature, meaning it can be integrated with all web-based enterprise applications, interacting seamlessly with Customer Relationship Management (CRM) systems, case management systems, third-party vendors, and even Excel documents.
This innovative plug-in significantly enhances Lucinity's AI copilot, 'Luci,' which debuted last year as the world's first AI copilot designed to combat financial crime. The new functionalities embedded in the plug-in are purported to make Luci the simplest copilot to integrate into any financial institution, purportedly boosting productivity by up to 90% and delivering substantial cost savings.
A notable advantage of this new plug-in is that financial institutions can retain their existing licenses and contracts with current providers, while simultaneously enhancing their data insights and speeding up decision-making processes. This allows institutions to start using Generative AI (GenAI) without the usual hurdles, expenses, and extended timelines associated with traditional technology integrations.
In conjunction with the new plug-in, Lucinity has also unveiled the Copilot Skills Studio. This innovative workflow automation studio employs Generative Intelligence Process Automation (GIPA), which merges traditional AI, generative AI, and Robotic Process Automation (RPA). This hybrid approach automates end-to-end processes usually involving repetitive tasks, data gathering and analysis, or complex, human-like decision-making capabilities.
Examples of automation include conducting negative news searches, generating transaction summaries from Excel screenshots, and creating visualisations of money flows from customer transactions. These tasks, typically requiring one to four hours, can now be completed in mere minutes. This streamlining means financial institutions can automate workflows that previously necessitated multiple system interactions.
Early adopters of Luci are already praising its effectiveness. Hannah Becher, Fraud and AML Surveillance Lead at fintech company Pleo, highlighted Luci's impact on their proof of business (POB) checks. According to Becher, Luci has substantially improved the efficiency and accuracy of verifying new customers' legitimacy, condensing what previously took a considerable amount of time into a few minutes.
Lucinity's founder and CEO, Guðmundur Kristjánsson (GK), is excited about the new copilot plug-in. "One of the most common issues financial institutions face is dealing with outdated systems that they cannot easily discard. Our new copilot plug-in resolves this problem effortlessly," he remarked. I was amazed at how effectively Luci operates within our own CRM system and even Microsoft Outlook, helping me prepare for meetings. It's so powerful that it's now aiding in my daily work beyond financial crime prevention."
Luci can be implemented immediately when dealing with publicly available data. Subsequently, financial institutions can integrate their proprietary data sources. The copilot can also be fully deployed within Lucinity's complete platform, working seamlessly with modules like Case Manager and Customer 360. The platform's system-agnostic design ensures compatibility with any Transaction Monitoring, Fraud, or Know Your Customer (KYC) systems currently in use or intended for future integration.
Security remains a paramount concern for Lucinity. The company utilises cutting-edge models such as Microsoft Azure Open AI to ensure secure infrastructure. Developed within a compliance-focused environment, Luci also offers maximum auditability with comprehensive Audit Log functionality.
