Fintech
Lucinity recognized as one of the top 100 AI-driven fintech companies globally
REYKJAVIK, Iceland, June 18, 2024 /PRNewswire/ — Lucinity was presented in AIFinTech100 list for 2024, marking its recognition as a leading AI company in the financial services industry. The AIFinTech100 list, curated by industry experts, highlights the most innovative fintech companies globally. Lucinity was selected from over 2,000 fintech companies for its problem solving, market potential, innovation and customer engagement. Earlier this year, Lucinity was also highlighted as a RegTech100 Company.
This recognition comes in the context of the rapid adoption of artificial intelligence in fintech. According to Fintech Global, research predicts that the AI in fintech market will grow from $42.83 billion to $44.08 billion by 2024, reaching $50.87 billion by 2029. It is expected that banks alone will spend $4.9 billion on AI platforms by 2024, with an annual growth rate of 21.8% from 2019.
Lucinity’s inclusion in the AIFinTech100 list reflects its success in developing artificial intelligence solutions that improve efficiency and cost savings for financial crime operations teams. In particular, LightsThe world’s first generative AI co-pilot for financial crime investigations, launching in 2023, leverages Microsoft OpenAI technologies to augment the capabilities of human analysts, reducing investigation times from 3 hours to just 30 minutes.
Lucinity also launched recently Lights as co-pilot plugin at Money20/20. Financial institutions are now able to integrate Luci with any web-based business application, including CRM systems, Case Manager systems, and Excel, delivering immediate ROI without any upfront integration.
Security remains a significant challenge in the adoption of AI. Lucinity solves this problem by working with Microsoft Azure to develop a secure infrastructure. With a strong emphasis on compliance, Luci offers complete auditability through its detailed audit log functionality.
Guðmundur Kristjánsson (GK), CEO of Lucinity, comments: “Being named in the AIFinTech100 demonstrates our impact across banks and fintech through advanced AI. It highlights our platform’s ability to empower compliance teams , provide ROI and reduce operational costs.”
Richard Sachar, Director of FinTech Global, added: “AI is revolutionizing financial services, increasing efficiency 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 numerous achievements, including winning the Microsoft Partner of the Year Awards for Sustainability and Social Impact and Partner of the Year – Iceland. Lucinity was also included Chartis Research FinCrime and Compliance 50 ranking for 2024 and has been recognized as the best tool for workflow automation.
Name: Celina Pablo
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SOURCE Lucinità