AML regulatory compliance solutions increase
automation rates, further reduce the potential for errors, and
deliver enhanced narrative creation
NEW
YORK, April 16, 2024 /PRNewswire/ -- WorkFusion,
a leading provider of AI regulatory compliance solutions for
banking and financial services, today announced that it has
rolled out Generative AI (GenAI) enhancements to its pre-built AI
Digital Workers that augment anti-money laundering (AML) teams to
fight financial crime and support regulatory compliance. The new
GenAI capabilities increase automation rates up to 95 percent,
reduce the risk of errors to nearly zero, and provide enhanced
narratives to enable AML analysts to speed up time to decisions and
provide a more detailed narrative to regulators.
"GenAI is a powerful tool. However, it is too slow, too
expensive and has too many random behaviors to be used responsibly
in a regulatory environment entirely on its own," said Peter Cousins, WorkFusion's Chief Technology
Officer. "But when GenAI is supplemented by an ensemble of people
and other AI approaches you get great results, you don't overpay,
and you don't wait too long. This helps financial institutions
leverage the benefits of GenAI without the added risks."
AI Digital Workers are co-pilots for AML analyst teams. These
autonomous workplace agents (AWAs) use machine learning to review
and disposition alerts, conduct third-party enrichment searches,
gather data and analyze text and record evidence and supporting
documentation in near real-time. The addition of GenAI makes AI
Digital Workers better by:
Enhancing Automation Rates
Automation rates are now accelerated for WorkFusion's AI Digital
Workers. For example, financial institutions conduct adverse media
reviews as part of their onboarding and other AML/Know Your
Customer (KYC) processes to understand who they are dealing with
and if there is a reputational or legal risk in doing business with
the entity. This process can take five to 20 minutes per review.
Using AI, the standard automation rate to review adverse media for
WorkFusion's AI Digital Worker Evelyn typically reduces the manual
work by 60-80 percent. With the addition of large language models
(LLMs), Evelyn's automation rate can reach up to 95 percent
straight-through processing (STP), when/where an organization's
risk appetite allows.
Reducing Error Rates to Nearly Zero
AI is only as good as the information it's able to gather and
consider. For AI Digital Workers Evelyn and Tara, the combination
of AI and GenAI further reduces error rates to near zero. Much like
a patient seeking a second opinion from a doctor, WorkFusion AI
Digital Workers can leverage two streams of decision-making,
dramatically lowering the odds of an error in either of them.
People only become involved when there is a tie-breaking decision
to be made.
Producing detailed narratives
With GenAI, all pre-built AI Digital Workers can go beyond
current template-based narratives to LLM summaries. Being able to
summarize decisions and explain them succinctly in a way that human
colleagues can understand, including supervisors, risk officers,
and regulators ensures explainability and trust. Detailed
narratives allow AML analysts to move from being authors to
editors, collecting data from various sources and simply reviewing
it for better understanding. This speeds up the time for an analyst
to make a decision, be it the speed to adjudicate an alert or the
speed to file a suspicious activity report (SAR), etc.
For more information about WorkFusion's AI Digital Workers,
please click here.
Read our latest blog about how LLM's help increase automation
rates, here.
About WorkFusion
WorkFusion, Inc. is the creator of AI Digital Workers
purpose-built to support regulatory compliance for banking and
financial services organizations. Its Digital Workers are true
knowledge workers that augment existing teams in functions like
anti-money laundering (AML), sanctions, customer onboarding, Know
Your Customer (KYC), and customer service. WorkFusion's digital
workforce solutions help solve talent shortages, increase workforce
capacity, save money, enhance employee and customer satisfaction,
mitigate risk and improve compliance posture. For more information
visit workfusion.com.
Media Contact:
Jessica Cassady
jcassady@workfusion.com
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SOURCE WorkFusion