Enables community banks and credit unions to improve detection, classification of BSA/AML cases and decrease case resolution time while reducing cost
St. Louis, Missouri (October 28, 2020) – Neocova, the St. Louis-based technology provider offering fully secure AI and cloud-first banking products including core, analytics, fraud and regulatory compliance for community banks and credit unions, today announced the launch of Groundswell AI. Groundswell AI is a Bank Secrecy Act/anti-money laundering (BSA/AML) and fraud detection solution that improves both detection and classification of BSA/AML cases, decreases case resolution time and reduces compliance function-related costs.
This newly launched technology joins Neocova’s comprehensive suite of products and services for community financial institutions, which includes Fineuron, a fully secure, cloud-native and open API enterprise technology platform; Spotlight AI, a best-in-class data analytics and visualization tool; and Ambios, a complete bank core replacement. Each product service model is designed by bankers for bankers with a focus on white-glove service aligned to SLAs, a dedicated customer success manager, and complementary solutions’ knowledge bases and training hubs.
Neocova’s Groundswell AI launch comes amid a growing focus on BSA/AML compliance among regulators and the banking community following last month’s FinCEN Files leak, which called to light $2 trillion in suspicious transactions over the course of several years. For bank executives, Groundswell AI generates continuous visibility into bank functions that often only emerge during a regulatory or audit exam, shifting compliance from a source of concern and risk to a source of confidence.
“With both the volume and sophistication of fraudulent activity skyrocketing in the financial industry, especially in the face of the ongoing digital transformations driven in part by the COVID-19 pandemic, community financial institutions need more powerful tools in their arsenal,” said Neocova’s Co-founder and CEO, Sultan Meghji. “Groundswell AI embodies the ‘work smarter, not harder’ mindset that all community financial institutions need to embrace to survive. Equally important, regulators are now welcoming these AI-enabled solutions due to their incredible speed, accuracy and reliability when compared with manual processes.”
Groundswell AI reduces false-positive rates by leveraging a multi-layered, multi-technology approach that uses smart rules, as well as both shallow and deep learning. Groundswell AI’s self-service capabilities allow compliance executives to modify existing rules or create new ones through a Transaction Monitoring Control Panel. It also offers end-to-end case management from alert notification to Suspicious Activity Reports (SAR) filing, which is automated with API integration to FinCEN.
“As a former and longtime community bank CEO, I understand the tremendous pressures faced by today’s banking leaders who are dealing with compressed margins, rising compliance costs and a new breed of competitors,“ said Lee Keith, President of Banking Services at Neocova. “This latest tool from Neocova gives community financial institutions a clear pathway to creating efficiencies and lowering the cost of the compliance process, while at the same time shifting valuable resources to revenue-generating functions within the institution.”
The launch of Groundswell AI comes shortly after Neocova announced industry veteran Matt Beecher as president, where he oversees the rapid adoption of Neocova’s products as community banks and credit unions ramp up digital transformation. To learn more, visit neocova.com.
Neocova is a fast-growing, St. Louis-based financial technology firm with operations in New York. The company offers artificial intelligence, analytics and other cloud-based systems that enable financial institutions to operate more efficiently, effectively and securely by removing the stresses of managing complex systems and complicated contracts. More information is available at https://neocova.com/.