REYKJAVIK, Iceland, Dec. 6, 2023 /PRNewswire/ -- Lucinity, a pioneer in AI-driven financial crime compliance solutions, has been recognized in the 2024 RegTech 100 list. The RegTech100 list highlights the most innovative businesses in the RegTech space that every financial institution must know about while developing compliance, risk, and digital transformation strategies.

In a competitive assessment of 1,400 companies produced by the RegTech Analyst, Lucinity's inclusion in the 2024 RegTech100 is a testament to its innovative approach and strong track record of consistently delivering regulatory and operational improvements in financial services.

Lucinity has earned its place in the RegTech100 list for two years in a row with its innovative AI-driven solutions designed to address the complexities and rapidly changing nature of financial compliance and risk management. Moreover, the Lucinity platform's use of augmented intelligence and generative AI has been pivotal in enhancing operational efficiency and decision-making in compliance.

This year, Lucinity launched Luci, a transformative AI copilot integrating OpenAI's advanced GPT-4 technologies. Luci excels in transforming intricate data into clear, actionable insights. For a Tier 1 bank, Luci could result in annual savings of up to $36 million in training and recruitment expenses. This is made possible by its ability to swiftly onboard and rapidly enhance the skills of less-experienced employees. Additionally, Luci promises to significantly boost productivity—potentially adding $100 million annually—by reducing the duration of financial crime investigations from 2.5 hours to a mere 25 minutes.

Guðmundur Kristjánsson (GK), Founder and CEO of Lucinity, reflects on this achievement: "Our selection in the prestigious RegTech100 is a recognition of our commitment toward developing cutting-edge AI solutions that adapt to changing economic climates, scale efficiently, and optimize focus on high-level tasks. It is a major milestone in our journey towards faster and smarter FinCrime prevention."

Research by Fortune Business Insights reveals that the RegTech sector has shown remarkable resilience and growth, with projections indicating an increase from $12.82 billion in 2023 to $60.77 billion by 2030 at a compound annual growth rate (CAGR) of 24.9%.

The RegTech 100 list is a vital resource for senior management and compliance professionals, highlighting RegTech solutions with high market potential. Companies are selected based on key criteria: the importance of the problem they solve, growth and customer engagement, innovative technology, and their ability to help financial institutions adapt to rapid RegTech changes.

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SOURCE Lucinity