Bits Technology unveils AI-powered tools to revolutionize compliance efficiency

Bits Technology unveils AI-powered tools to revolutionize compliance efficiency

Jun 4, 2024

In heavily regulated industries such as financial services, customers must comply with stringent anti-money-laundering (AML) requirements. These regulations mandate essential actions, including knowing your customer (KYC), managing risk effectively, monitoring activities and transactions, and reporting accurately to authorities. Despite these critical needs, customers have long been underserved by software solutions that are outdated, inflexible, and non-modular. These solutions often feature poor user experiences and come with high costs due to outdated purchasing models and expensive integrations.

As a result, customers have been forced to cobble together a mix of in-house and third-party software to manage the full lifecycle of customer compliance, leading to data silos that hinder agility and significantly increase the cost of managing AML compliance.

Customers deserve better. They deserve innovative technology that enables them to focus on what truly matters: preventing financial crime. With the right tools, compliance officers, AML agents, and analysts can become the heroes they are meant to be, effectively safeguarding the financial system.

Today we at Bits announce a range of AI offerings with the mission to fuse advanced AI with a robust platform and superior user experience to deliver unparalleled compliance solutions. Our latest AI-driven system includes:

AI Agent: Providing immediate and accurate responses to compliance queries 24/7, AI Agent ensures that regulatory questions are addressed swiftly and correctly, enhancing trust in compliance operations.

AI Copilot: Offering continuous, real-time support for compliance officers, AI Copilot assists with complex tasks, significantly boosting efficiency and accuracy, thereby reinforcing the reliability of compliance activities.

AI Analyst: Set to launch in 2024, AI Analyst will deliver comprehensive AI-generated insights and strategic recommendations, empowering compliance managers to make well-informed decisions and stay ahead of regulatory changes, ensuring a proactive approach to compliance management.

“These AI components continuously learn from each interaction, enhancing the platform's effectiveness and underscoring our commitment to excellence in compliance,” said Robin Lantz, CPO and co-founder of Bits Technology. “Our goal is to make Bits Technology the premier and sole platform required for outstanding regulatory compliance, instilling confidence in a heavily regulated industry.”

About Bits Technology

Bits Technology is a powerhouse in customer and business identity solutions, offering tools for tailored onboarding experiences, AML solutions, and actionable data for risk assessment, fraud prevention, and compliance—all in one view. The Bits Technology platform enables businesses to streamline complex processes and gain deeper insights, ensuring efficiency and compliance in today’s fast-paced market.

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