Lucinity has been honored by being included in the AIFinTech100 list for 2024, marking its recognition as one of the leading AI companies in the financial services sector.
The AIFinTech100 list, curated by industry experts, celebrates the most innovative fintech companies worldwide. Lucinity was chosen from over 2,000 fintech firms for its excellence in problem-solving, market potential, innovation, and customer engagement. Earlier this year, Lucinity was also recognized as a RegTech100 company.
This accolade comes during a period of rapid AI adoption in the fintech industry. According to Fintech Global, research forecasts the AI market in fintech will grow from $42.83 billion to $44.08 billion by 2024, and will reach $50.87 billion by 2029. Banks alone are expected to invest $4.9 billion in AI platforms by 2024, reflecting a 21.8% annual growth rate since 2019.
Lucinity’s inclusion in the AIFinTech100 list underscores its success in creating AI solutions that enhance efficiencies and reduce costs for financial crime operations teams. One standout innovation is Luci, the world’s first Generative AI copilot for financial crime investigations, launched in 2023. Utilizing Microsoft OpenAI technologies, Luci augments human analysts’ capabilities, cutting investigation times from three hours to just 30 minutes.
Lucinity also recently introduced Luci as a copilot plugin at Money20/20. This allows financial institutions to integrate Luci with any web-based enterprise application, including CRM systems, Case Manager systems, and Excel, delivering immediate ROI with no upfront integration costs.
Security is a significant challenge in AI adoption, and Lucinity addresses this by partnering with Microsoft Azure to develop a secure infrastructure. With a strong focus on compliance, Luci offers comprehensive auditability through its detailed Audit Log functionality.
Guðmundur Kristjánsson (GK), CEO of Lucinity, remarked, “Being named in the AIFinTech100 highlights our impact among banks and fintech companies through advanced AI. It underscores our platform’s ability to empower compliance teams, deliver ROI, and reduce operational costs.”
Richard Sachar, Director of FinTech Global, added, “AI is revolutionizing financial services, increasing efficiencies and offering personalized products. This year’s AIFinTech100 list includes top innovators transforming the industry with AI applications.”
Lucinity’s inclusion in the AIFinTech100 list for 2024 follows several other achievements, including winning the Microsoft Partner of the Year Awards for Sustainability and Social Impact and Partner of the Year – Iceland. Additionally, Lucinity was featured in Chartis Research’s FinCrime and Compliance 50 Ranking for 2024 and recognized as the best tool for Workflow Automation.
For more information, contact:
Name: Celina Pablo
Email: [email protected]
Phone: +354 792 4321
Source: prnewswire.com
