NICE Actimize, a leader in autonomous financial crime management, announced the launch of CDD-X, the next-generation Know Your Customer/Customer Due Diligence solution. NICE Actimize CDD-X is the latest addition to the Actimize Autonomous AML solution set that leverages the power of artificial intelligence and machine learning to provide more accurate detection and customer risk scoring to reduce compliance risk. Significant reductions in operational costs are realized through the innovative use of visualization and purpose-built intelligent automation to streamline customer review times by up to 70 percent.
NICE Actimize CDD-X leverages the secure cloud-based analytics optimization service, X-Sight ActimizeWatch, to apply machine learning to enhance the accuracy of risk ratings using the collective intelligence of previous outcomes. New Predictive Risk Scoring analytics used in CDD-X lead to better high-risk customer management, enhanced due diligence (EDD), periodic review, and ongoing monitoring.
These analytics also streamline the onboarding process, critical for financial services organizations looking to grow their business, by reducing unnecessary customer friction while providing the opportunity for better business interaction with their customers. Managing analytics in the cloud introduces cost-predictability and reduces the spend previously required to optimize KYC-AML systems.
“NICE Actimize’s CDD-X is a game changer, helping organizations bring relief to what is currently a massive spend, while improving accuracy when assessing customer risk,” said Craig Costigan, CEO, NICE Actimize. “A robust AML program starts with a strong KYC/CDD process. Regulatory agencies across the globe are encouraging financial institutions to explore technology innovations incorporating AI and machine learning to improve their compliance programs, and CDD-X is a good place to start in any journey to stronger, more cost-effective AML compliance.”
Additional capabilities of the NICE Actimize CDD-X solution include:
- Entity Insights – Provides a visual, holistic view of entity risk for faster, simpler and more precise resolution, offering massive efficiency gains for analyst teams. Analysts may lack a holistic customer view and incomplete data, which can lead to incorrect classification of the customer risk. Enhanced customer profiles in CDD-X present up-to-date information and risk factors, save time for the analysts, and offer easy to enhance entity and alert information for more up to date information such as Beneficial Ownership data.
- Intelligent Automation – Infused with Actimize expertise, CDD-X includes embedded automation to streamline tasks related to ultimate beneficial ownership (UBO), adverse media, data flow with customer relationship management (CRM) systems, and more.
- Data Source Library – By enabling a curated set of pre-built connectors, CDD-X leverages 3rdparty risk factors to increase the accuracy of customer risk ratings during onboarding and ongoing monitoring to provide more intelligence to analysts. Additionally, the pre-built connectors make integration simple where data acquisition and aggregation has traditionally been difficult.
“Increased speed and efficiency in KYC-CDD is sorely needed to reduce the operational burden of compliance and to support the faster pace of digital financial services” said Neil Katkov, head of risk at research and advisory firm Celent “Just in time, next generation technologies like intelligent automation are streamlining resource intensive KYC processes and bringing them into the digital age.”