The report, addressing AI and machine-learning
strengths, solidifies the impact of the NICE Actimize investment in
automation technology to provide institutions with a streamlined
and dynamic KYC onboarding process
NICE Actimize, a NICE business (Nasdaq: NICE) and a
leader in Autonomous Financial Crime Management, today
announced that IDC, a global provider of market intelligence, has
named NICE Actimize a Leader in its two recent financial services
reports addressing solutions in anti-money laundering and know-your
customer categories. The two reports were the “IDC MarketScape:
Worldwide Anti–Money Laundering Solutions in Financial Services
2018 Vendor Assessment” (Doc #US40133316, September 2018) and the
“IDC MarketScape: Worldwide Know-Your-Customer Solutions in
Financial Services 2018 Vendor Assessment” (Doc #US44292018,
September 2018).
Each of the 2018 IDC MarketScape AML and KYC reports noted,
“NICE Actimize is suitable for institutions of all sizes that are
seeking machine learning and AI capabilities out of the box to
achieve certain levels of automation while reducing overall
risk.”
Steven D’Alfonso, Research Director, IDC Financial Insights,
said, “Artificial intelligence (AI) and machine learning (ML)
are becoming increasingly important to AML efficacy. Savvy AML
providers have embedded AI/ML and road maps to assist financial
institutions with the tuning of their AML models, helping improve
accuracy of alerts. Vendors are increasingly using natural language
processing and generation to produce regulatory reports, enabling
investigators to be more efficient. There are clear benefits in
choosing a provider that provides end-to-end AML and know-your
customer (KYC) solutions on a shared or unified platform. NICE
Actimize is a vendor that does provide end-to-end coverage on AML
and KYC on a unified platform.”
Summarizing NICE Actimize’s strengths in the Anti-money
Laundering solutions category, the IDC MarketScape report cited
four key areas: “Intelligent investigations using AI-enabled
robotic process automation to automate time consuming tasks; false
positive reduction via intelligent customer segmentation to apply
rules across granular populations; and predictive suspicious
activity report (SAR) scoring to determine how likely an alert will
become an SAR and rule simulations using machine learning across
large data sets to evaluate outcomes prior to model
implementation.”
Addressing NICE Actimize’s strengths in Know-Your Customer
solutions, the IDC MarketScape report outlined, “NICE Actimize has
made a substantial investment in automation technology to provide
institutions with a streamlined and dynamic KYC onboarding process;
NICE Actimize provides real-time risk assessment of new customers
as data is collected; NICE Actimize offers data collection
automation and a dynamic interview process with the ability to
automate elements of the collection process; and AI is used to
deliver a risk prediction score for each monitored entity with
alerting for customers that may require further investigation.”
Barak Eilam, CEO, NICE, stated, “Perhaps nowhere
will intelligent automation have a stronger impact in improving
effectiveness than in the fight against money laundering and the
effort to improve compliance related tasks such as how systems
detect suspicious activities and how investigators gather data and
draw conclusions. NICE Actimize continues to make substantial
investments in the anti-money laundering category, and our
competitive advantages include the continued expansion of AI
technologies, our managed analytics, our case management platform,
and the build out of our cloud-based offerings. We are pleased that
the IDC MarketScape has recognized us as a Leader in this year’s
Anti-Money Laundering and KYC reports and the innovation in
automation that we have brought to these categories.”
According to the IDC MarketScape on AML, “Anti–money laundering
detection and prevention continues to be an area of sensitivity for
financial institutions largely driven by regulatory pressures and
fines or threat of financial penalties. Regulator expectations
around detection capabilities and false positive reductions are
increasing. Financial institutions must increasingly apply better
risk-based analytics to increase the efficacy of their AML
detection engines.”
This year, NICE Actimize released its first Autonomous Financial
Crime Management-based anti-money laundering solution. Providing
operational efficiency to compliance teams, the Actimize Suspicious
Transaction Monitoring (SAM) solution features machine
learning-based models to reduce false positives by up to 30 per
cent. The solution is driven by robotic process automation, which
eliminates the manual search for third party data, increases team
productivity, and reduces investigation time for a single alert by
up to 70 percent.
SAM also keeps model risk management documentation at the
forefront of its work, with its “analytics with a window” policy.
Compliance officers around the world will be able to explain to
regulators, board members and other stakeholders why, when and how
they created and used machine learning analytics within their
environment.
To download an excerpt of the IDC MarketScape report, please
click here.
IDC MarketScapeIDC MarketScape vendor analysis model is
designed to provide an overview of the competitive fitness of ICT
(information and communications technology) suppliers in a given
market. The research methodology utilizes a rigorous scoring
methodology based on both qualitative and quantitative criteria
that results in a single graphical illustration of each vendor’s
position within a given market. IDC MarketScape provides a clear
framework in which the product and service offerings, capabilities
and strategies, and current and future market success factors of IT
and telecommunications vendors can be meaningfully compared. The
framework also provides technology buyers with a 360-degree
assessment of the strengths and weaknesses of current and
prospective vendors.
About NICE ActimizeNICE Actimize is the largest and
broadest provider of financial crime, risk and compliance solutions
for regional and global financial institutions, as well as
government regulators. Consistently ranked as number one in the
space, NICE Actimize experts apply innovative technology to protect
institutions and 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 NICENICE (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: NICE and the NICE logo are trademarks or
registered trademarks of NICE Ltd. All other marks are trademarks
of their respective owners. For a full list of NICE’s marks, please
see: www.nice.com/nice-trademarks.
Forward-Looking StatementsThis 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. Eilam, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20181025005490/en/
NICECorporate MediaCindy Morgan-Olson,
201-551-5202cindy.morgan-olson@niceactimize.comorInvestorsMarty
Cohen, +1 551 256 5354, ETir@nice.comorYisca Erez +972 9 775 3798,
CETir@nice.com
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