How NICE Actimize Continues to Lead Financial Crime

According to a recent technology and market overview report by Chartis Research, “Overall, financial crime detection, prevention, and compliance are in a healthy state: innovation is thriving, the customer experience is a central consideration, and financial inclusion is a real possibility for the first time in a long while.” This is excellent news for the industry.

As part of this market view, Chartis evaluated the leading vendors, assessing their market influence, technological advances, and strategic decision-making within the evolving financial crime environment. While Chartis focused strongly on core technology, it also considered whether the vendors have a platform and/or a case management workflow to cover more of the ‘end-to-end’ customer lifecycle.

With these criteria and context in mind, for the second consecutive year NICE Actimize was named the overall leader in Chartis Research’s Financial Crime and Compliance 50 report, which provides an in-depth look at the leading firms and technologies influencing financial crime technology development and execution. NICE Actimize held the highest average scores across six specific categories including FCC products and functionality, core technology, strategy, customer success, market presence and innovation. 

Highest Average Scores for Fighting Financial Crime

Let’s take a closer look at these results from Chartis’s perspective. After identifying the key areas to examine—such as platform, core technology, and case management workflow—Chartis scored the vendors and hand-selected those that demonstrated industry-leading breakthroughs across these disciplines, also establishing awards for best-in-class providers in specific areas.

The result? In addition to its position as overall winner, NICE Actimize was also recognized as the winner across six different core areas, including AML mule detection and management, case management, end-to-end platform, and community analytics. We are also proud to have received a global banking award, which highlighted vertical and segment excellence.

Using Community Analytics to Identify Criminal Activities

While we don’t have the space here to delve into all these areas in detail, we would like to highlight our specialized excellence in several of them. First, let’s examine one of our newest advancements: community analytics. NICE Actimize’s Community Analytics incorporates both relational and graph databases to provide a complete picture and leverage the benefits of both relational databases, which focus on direct relationships, and graph database which focus on indirect relationships and risk interactions.

The benefits of Actimize community analytics include fully integrated graphs, embedded into the core of NICE Actimize monitoring solutions; the ability to use existing data with no requirement to gather additional data or subscribed to new data sources; rapid time to value with graphs that are pre-built and out-of-the-box with ready to use capabilites. Community Analytics uses proprietary graph algorithm, dedicated to identifying communities of bad actors.

NICE Actimize community analytics also eliminates the requirement for an in-house data science team. Network analytics during investigation is highly flexible, enhancing investigations allowing teams to identify additional risk and helping to increase outcome accuracy. Generative AI is fully embedded during the investigation.

Case Management Strengths

Chartis also awarded NICE Actimize for its case management strengths and our ActOne enterprise risk management solutions. By blending generative AI technology with human oversight, ActOne Investigate AI  streamlines investigations by significantly reducing time spent on manual and non-analytical activities, while enhancing the accuracy and consistency of investigations. ActOne reduces investigation time by 50% with generative AI that enriches, prepares and summarizes the alert or case before an investigator opens the work item. Additionally, ActOne NarrateAI accelerate SAR creation by 70% with NarrateAI narratives. ActOne is currently trusted by the world’s largest financial institutions and used by over 300,000 analysts and investigators daily. 

NICE Actimize clearly continues its winning path. In the past year alone, the firm received approximately 50 awards and top industry ratings in fraud and compliance. This commitment remains strong, with over 15 percent of company revenue dedicated to ongoing research and development. NICE Actimize is steadfast in its mission to continue fighting fraud, while empowering analysts and financial crime fighters everywhere.

To learn more or ask for a demo of any of these capabilities, please contact NICE Actimize https://www.niceactimize.com/get-in-touch