WorkFusion integrates GenAI to enhance AML accuracy and efficiency in financial services, overcoming key industry challenges.
WorkFusion has tackled the challenge of using GenAI in anti-money laundering (AML) by combining it with their existing AI digital workers. This dual approach mitigates the risk of errors while increasing automation rates to 95%. By leveraging GenAI’s pre-processing capabilities, WorkFusion significantly reduces false positives, ensuring near-perfect accuracy when paired with traditional AI models and human oversight.
Another hurdle WorkFusion addresses with GenAI is handling diverse documentation from different geographies and regulations. The technology pre-processes non-standard documents, enhancing the accuracy and efficiency of AML investigations. This reduces the burden on human analysts and improves the overall processing speed.
The company’s no-code platform empowers users without programming skills to efficiently implement business rules and process data. This flexibility allows domain experts to conduct experiments and refine processes autonomously, ensuring higher productivity and better results in AML tasks.
GenAI also enhances report generation, providing detailed summaries and case notes that expedite regulatory decisions. Analysts can quickly assess data, make informed decisions, and file reports, streamlining the overall AML process and supporting compliance efforts.