[November 07, 2017] |
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NICE Actimize Debuts Autonomous Financial Crime Management to Significantly Reduce Costs of Compliance and Increase Detection Accuracy
In the face of mounting pressures on compliance departments at financial
services organizations, NICE Actimize, a NICE (Nasdaq:NICE)
business, today is leading the revolution to more efficient and
cost-effective financial crime and compliance operations with the debut
of Autonomous
Financial Crime Management. Addressing a paradigm shift where
machine-led functions are driving operations, which are today performed
manually, this innovative process will create a unique
environment that more effectively addresses the challenges and pain
points that financial services organizations are facing by allowing them
to tailor their operations to lower costs and drive greater
profitability, all while improving accuracy and throughput. Autonomous
Financial Crime Management also allows organizations to configure which
decisions to direct to human experts, supporting either semi-autonomous
to fully autonomous operations.
By addressing such complexities as changing regulatory requirements,
mounting costs for personnel, and dramatic shifts in technology, NICE
Actimize's Autonomous Financial Crime Management offers a unified view
of risk through targeted utilization of big data, advanced analytics
everywhere, artificial intelligence and Robotic Process Automation which
enables these issues to be more effectively processed. Autonomous
Financial Crime Management also streamlines and creates more productive
use of personnel, therefore improving an organization's overall
effectiveness.
NICE Actimize's innovative Autonomous
Financial Crime Management approach relies on its deep domain
knowledge and expertise in financial crime and compliance. This new
method creates a seamless connection to data from anywhere, from any
source at any volume, to work quickly to turn raw data into
intelligence. This acquired intelligence is then used to detect, decide,
investigate and resolve alerts and cases with limited human
intervention, enabling financial services organizations to mitigate
various types of financial crime with greater speed and accuracy.
Joe Friscia, President, NICE Actimize "Financial services
organizations are facing a true paradigm shift. Where humans once drove
and assisted machines to execute processes in financial crime
management, the reverse is becoming true and machines are now driving
operations - thereby creating dramatic gains in cost savings, creating
vastly better models and improving detection accuracy. This rapid
technology transformation, coupled with vast regultory change, requires
a new approach. NICE Actimize's Autonomous Financial Crime Management
leads the market and our customers into the future while providing a
vision and strategy that streamlines the specialized operational
requirements of financial crime fighting by unifying advanced analytics,
machine learning and intelligent automation."
By contrast, earlier eras of financial crime management featured
siloed/disparate case management systems, offered no unified view of
risk, and had no transparent or standardized process. There were usually
no real connections to other systems or data, and analytics functioned
more as point solutions would - resulting in slow investigations, higher
risk, higher cost, more errors, and high false positives, and ultimately
translating into bad guys getting away with more financial crime.
According to a
recent NICE Actimize survey, an overwhelming 87 percent of financial
services organizations say that the financial crime risk management
processes and systems in use today are, at best, only somewhat
efficient, with investigators spending a lot of time on manual
activities. In addition, more than half (56 percent) of the respondents
said that their analysts spend at least 30 percent of their time per
month on time consuming, "human touch" processes.
About NICE Actimize NICE Actimize is the largest and
broadest provider of financial crime, risk and compliance solutions for
regional and global financial services organizations, as well as
government regulators. Consistently ranked as number one in the space,
NICE Actimize experts apply innovative technology to protect financial
services organizations and to safeguard consumers and investors assets
by identifying financial crime, preventing fraud and providing
regulatory compliance. The company provides real-time, cross-channel
fraud prevention, anti-money laundering detection, and trading
surveillance solutions that address such concerns as payment fraud,
cybercrime, sanctions monitoring, market abuse, customer due diligence
and insider trading. Find us at www.niceactimize.com,
@NICE_Actimize or NASDAQ:NICE.
About NICE NICE (Nasdaq:NICE) is the worldwide leading
provider of both cloud and on-premises enterprise software solutions
that empower organizations to make smarter decisions based on advanced
analytics of structured and unstructured data. NICE helps organizations
of all sizes deliver better customer service, ensure compliance, combat
fraud and safeguard citizens. Over 25,000 organizations in more than 150
countries, including over 85 of the Fortune 100 companies, are using
NICE solutions. www.nice.com.
Trademark Note: Actimize, the Actimize logo, NICE and the NICE
logo are trademarks or registered trademarks of NICE Ltd. and/or its
subsidiaries. All other marks are trademarks of their respective owners.
For a full list of NICE's marks, please see: http://www.nice.com/nice-trademarks.
Forward-Looking Statements This press release
contains forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements, including the statements by Mr. Friscia are based on the
current beliefs, expectations and assumptions of the management of NICE
Ltd. (the Company). In some cases, such forward-looking statements can
be identified by terms such as believe, expect, may, will, intend,
project, plan, estimate or similar words. Forward-looking statements are
subject to a number of risks and uncertainties that could cause the
actual results or performance of the Company to differ materially from
those described herein, including but not limited to the impact of the
global economic environment on the Company's customer base (particularly
financial services firms) potentially impacting our business and
financial condition; competition; changes in technology and market
requirements; decline in demand for the Company's products; inability to
timely develop and introduce new technologies, products and
applications; difficulties or delays in absorbing and integrating
acquired operations, products, technologies and personnel; loss of
market share; an inability to maintain certain marketing and
distribution arrangements; and the effect of newly enacted or modified
laws, regulation or standards on the Company and our products. For a
more detailed description of the risk factors and uncertainties
affecting the company, refer to the Company's reports filed from time to
time with the Securities and Exchange Commission, including the
Company's Annual Report on Form 20-F. The forward-looking statements
contained in this press release are made as of the date of this press
release, and the Company undertakes no obligation to update or revise
them, except as required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171107005831/en/
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