NICE Actimize Launches the Next Generation of Financial Crime and Compliance Investigations with New Generative AI Solutions

Rhea-AI Summary

NICE Actimize, a NICE business, introduces three advanced generative AI solutions to enhance financial crime investigations and compliance risk management. These solutions offer significant time savings, with up to 50% reduction in investigation time and 70% in SAR filing time. The innovations aim to streamline workflows, reduce manual tasks, and improve efficiency in financial crime and compliance programs.

Insights

Financial Analyst

The introduction of generative AI-based solutions by NICE Actimize is poised to bring substantial efficiency gains to financial institutions. A 50% reduction in investigation time and a 70% reduction in SAR filing time could translate into significant cost savings and resource reallocation for financial service providers. These solutions are likely to be a value driver for NICE's business, potentially improving its competitive positioning in the financial crime, risk and compliance solutions market.

From a financial perspective, the adoption of these AI tools can lead to a reevaluation of operating expenses. As financial institutions seek to optimize their compliance and risk management processes, the demand for such advanced solutions could increase, potentially leading to revenue growth for NICE Actimize. Additionally, the scalability of AI solutions means that as more clients are onboarded, the incremental costs for NICE may be relatively low, potentially improving profit margins over time.

Legal Expert

Generative AI's application in compliance and risk management is a significant development for the legal aspects of financial services. The ability to expedite SAR filings by 70% while ensuring compliance highlights the potential for these technologies to reshape how institutions manage their legal obligations. This efficiency gain is not just a matter of speed but also pertains to the quality and reliability of compliance reporting.

For regulators and financial institutions, the accuracy and comprehensiveness of SAR narratives are crucial. AI's capability to synthesize transaction data and produce coherent reports could reduce the risk of human error and non-compliance penalties. However, it is essential to monitor the legal landscape as the use of AI in such critical functions may invite scrutiny from regulators ensuring that the technology adheres to all legal standards and does not inadvertently introduce bias or inaccuracies.

Market Research Analyst

Generative AI's integration into financial crime investigations represents a significant trend in the fintech sector. The operational efficiencies promised by NICE Actimize's solutions are likely to resonate with financial institutions that are constantly under pressure to enhance performance while managing costs. This could lead to increased market demand for AI-driven compliance tools.

Understanding the broader market implications, it is important to consider the competitive landscape. If NICE Actimize's generative AI solutions are superior in terms of cost savings and efficiency, this could compel competitors to accelerate their own AI developments, potentially leading to a market-wide shift towards AI adoption. The ability to handle labor-intensive tasks with up to 80% efficiency gains for mid-market banks and credit unions is especially noteworthy, as it suggests that these solutions are accessible not just to large institutions but also to smaller entities, potentially expanding the total addressable market for NICE Actimize.

Three groundbreaking solutions expedite the speed of investigations by over 50% with the power of Generative AI

HOBOKEN, N.J.--(BUSINESS WIRE)-- NICE Actimize, a NICE (Nasdaq: NICE) business, announces three advanced generative AI-based solutions designed to fight financial crime and allow organizations to significantly reduce the manual and labor-intensive tasks currently employed in financial crime investigations and reporting. Offering up to a 50% reduction in investigation time and 70% time savings in SAR filing, these innovations provide unprecedented efficiency in financial crime and compliance risk management programs.

With generative AI embedded into NICE Actimize’s advanced ActOne enterprise risk case management platform, two of these cutting-edge solutions, X-Sight AI Assist and X-Sight AI Narrate, transform financial crime by reducing manual tasks and seamlessly expediting workflows with existing policies and procedures. ActOne enterprise risk case manager is trusted by the world’s leading financial services organizations and is used by over 300,000 analysts and investigators daily.

A third solution, NICE Actimize’s Xceed FraudDESK CoPilot is its new Fraud Analyst Assistant Generative AI chatbot, which uses generative AI to create unprecedented efficiency gains in operational analysis.

“Generative AI is a powerful tool in fighting financial crime. Anti-money laundering, fraud, and market manipulation scenarios benefit from the cost and time savings that generative AI provides,” said Craig Costigan, CEO, NICE Actimize. “NICE Actimize’s use of generative AI services provide a monumental step forward in helping financial institutions evolve financial crime and compliance programs and address their growing costs.”

Targeted Generative AI solutions
Offering solutions for all types and sizes of financial institutions, NICE Actimize features these generative AI capabilities in both its X-Sight and Xceed platforms, including:

• X-Sight AI Narrate intelligently synthesizes suspicious transaction data and investigation intelligence generating coherent, comprehensive, and compliant SAR narratives, speeding up SAR filings by up to 70%.
• X-Sight AI Assist summarizes, analyzes, and enriches alerts and cases, meeting each institution's unique needs while providing pertinent information and guidance to realize efficiency gains of up to 50%.
• Xceed FraudDESK CoPilot handles the repeatable, tedious, labor-intensive aspects of alert triage, prioritizations, and case narrations, providing unprecedented efficiency gains of up to 80% for mid-market banks and credit unions.

For more information on NICE Actimize’s X-Sight Generative AI solutions, please click here.
For more information on NICE Actimize’s Xceed Generative AI FraudDESK CoPilot solution, please click here.

To register for NICE Actimize’s webinar, “The Power of Generative AI in Fraud & Financial Crime,” please click on the link here.

NICE Actimize
NICE Actimize is the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators. Consistently ranked as number one in the space, NICE Actimize experts apply innovative technology to protect institutions and safeguard consumers’ and investors’ assets by identifying financial crime, preventing fraud and providing regulatory compliance. The company provides real-time, cross-channel fraud prevention, anti-money laundering detection, and trading surveillance solutions that address such concerns as payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence and insider trading. Find us at www.niceactimize.com, @NICE_Actimize or Nasdaq: NICE.

About NICE
With NICE (Nasdaq: NICE), it’s never been easier for organizations of all sizes around the globe to create extraordinary customer experiences while meeting key business metrics. Featuring the world’s #1 cloud native customer experience platform, CXone, NICE is a worldwide leader in AI-powered self-service and agent-assisted CX software for the contact center – and beyond. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, partner with NICE to transform - and elevate - every customer interaction. www.nice.com

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Costigan, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications; difficulties in making additional acquisitions or difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners; cyber security attacks or other security breaches against the Company; privacy concerns; changes in currency exchange rates and interest rates, the effects of additional tax liabilities resulting from our global operations, the effect of unexpected events or geo-political conditions, such as the impact of conflicts in the Middle East that may disrupt our business and the global economy; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company's reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240215210081/en/

Corporate Media Contact:

Cindy Morgan-Olson, +1 646 408 5896, ET, media@nice.com

Investors:

Marty Cohen, +1 551 256 5354, ET, ir@nice.com

Omri Arens, +972 3 763 0127, CET, ir@nice.com

Source: NICE Actimize

FAQ

What solutions does NICE Actimize introduce to fight financial crime?

NICE Actimize introduces X-Sight AI Assist, X-Sight AI Narrate, and Xceed FraudDESK CoPilot as generative AI solutions to streamline financial crime investigations and compliance risk management.

How much time savings do the new solutions offer in financial crime investigations?

The new solutions offer up to a 50% reduction in investigation time and up to 70% time savings in SAR filing.

What is the purpose of NICE Actimize's Xceed FraudDESK CoPilot solution?

Xceed FraudDESK CoPilot aims to handle repeatable, tedious tasks in alert triage, prioritizations, and case narrations, providing efficiency gains of up to 80% for mid-market banks and credit unions.

Who is the CEO of NICE Actimize?

Craig Costigan is the CEO of NICE Actimize.

Where can more information about NICE Actimize's X-Sight Generative AI solutions be found?

More information about NICE Actimize's X-Sight Generative AI solutions can be found by clicking on the provided link.