It’s time to take stock. The financial crime landscape has shifted. Criminals have more access to cutting-edge technology than ever before, leaving legacy AML/Compliance and Fraud programs in the dust. Using rigid manual processes to fight increasingly complex fincrime ecosystems is like using a garden hose to put out a forest fire. Criminals are using AI in increasingly sophisticated ways – and so must organizations that want to beat criminals at their own game.The question is no longer whether organizations should use AI, but when and how.
Unit21 is excited to announce two new AI features:
- Ask Your Data. Introducing the industry-first AI-driven data analysis tool that is uniquely optimized for the financial crime landscape. With its conversational interface, users can dive deep into their data using simple queries, making complex data analysis accessible and actionable.
- AI Copilot. AI Copilot epitomizes efficiency in alert remediation. This feature streamlines investigations by pointing out the most relevant data elements, recommending a disposition, and explaining its reasoning in easily understandable language so that analysts can resolve alerts as quickly and accurately as possible.
The Future of Data-Driven Efficiency: Ask Your Data & AI Copilot
Unit21 brings AI into its Case Management system to empower analysts and risk officers, not to replace them. With Ask Your Data and AI Copilot, teams will be able to more quickly and effectively make decisions when risky activity is alerted.
Ask Your Data
The world of financial crime is constantly changing. By leveraging data-driven practices, organizations can stay ahead of this dynamic landscape by uncovering hidden patterns, trends, and correlations within their data.
Yet, the path to being data-driven requires substantial resources and technical expertise. These teams need a solution that allows them to focus on deriving insights from data rather than spending time on manual tasks like constructing pivot tables or dashboards. Thanks to AI, risk officers and analysts can now query their data for precise insights without the need for specialized skills or technical expertise. This groundbreaking feature allows anyone to engage with their data through simple questions, in plain English, democratizing data analysis and making it accessible to all.
Ask Your Data offers risk teams game-changing advantages:
- Enhanced Data Interaction – Analysts can have interactive conversations with their AI-powered assistant about their data. Ask Your Data learns from each interaction and empowers teams to make data-driven decisions, optimize risk processes, catch more bad actors, and enhance team efficiency.
- Data Privacy – Ask Your Data aligns with strict regulatory standards, around data privacy and security. Unit21’s security policies guarantee that this data is never used to retrain public models.
- Intuitive Data Visualization – The Unit21 assistant can interpret data using line graphs, pie charts, bar graphs, tables, and many other intuitive visualizations. It can also summarize its findings, inferring relationships between various data elements.
- Improved return-on-investment (ROI) – Streamlined, data-driven processes let each analyst and risk officer maximize their expertise. This can help firms avoid wasting resources on busywork, hiring bloat, and high turnover. And better risk management can mean drastically reduced fraud and regulatory penalty losses.
AI Copilot
Transaction Monitoring systems are effective in flagging potentially suspicious activity. However, they often generate a high volume of alerts, many of which end up being false positive alerts. This leads to alert fatigue among analysts, who spend hours manually sifting through alerts.
Unit21 directly targets the problem of inefficiency and overload. Unit21’s AI Copilot points out the most relevant data associated with an alert to make it easy for analysts to make decisions quickly. What’s more, it provides real-time insights into the specific risk factors that contributed to the alert being scored as high or low risk. This streamlined approach ensures that analysts can address critical alerts efficiently and effectively, while spending less time on false positives.
When using the AI Copilot, risk and compliance officers and their teams can enjoy:
- Contextual Guidance – Clear suggestions eliminate the guesswork for analysts by clearly indicating where to focus their investigations.
- Tailored to your data – Every company is different, and so is their data. Unit21’s Copilot uses each company’s unique data to suggest dispositions tailored to business needs, ensuring precision in decision-making.
- Transparency and Explainability – Teams can see clear explanations for the AI Copilot’s recommendations in plain English. This not only simplifies decisions and improves communication, but also creates standardized documentation in the case of an audit.
Unit21’s AI Changes the Fight Against Financial Crime
Ask Your Data and AI Copilot mark a significant leap forward in empowering Fraud and AML teams to combat financial crime with confidence and efficiency. Together, these features enhance team efficiencies, optimize risk processes, and ultimately enable organizations to catch more bad actors.
Stay Ahead of the Curve
Join us for our upcoming product showcase webinar on March 15 and explore our new AI-powered tools designed to up level insights and investigations.
To learn more about how Unit21 can help you flag more bad actors than ever before, schedule a demo.
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