Financial data company FactSet is doubling down on AI across its product stack and has launched two AI-driven products this month. 

The New York-based company, whose clients include First Citizens Bank, Citi and First Horizon Bank, has rolled out an AI-powered anti-money laundering (AML) solution and expanded its document intelligence capabilities, Kendra Brown, senior director of the banking and sell side research business unit, told FinAi News.

The analytics provider said its new AML and know-your-customer (KYC) solutions —developed in partnership with AML company ComplyAdvantage — can reduce false positives by up to 80%, a significant improvement for banks grappling with rising compliance costs and alert fatigue, she said. 

“At a macro level, we’re seeing clients moving away from fragmented tools toward solutions embedded directly into their workflows,” Brown said.  

“Compliance has traditionally been a bottleneck. What AI enables is a shift from manual, time-intensive processes to something that can actually accelerate decision-making,” Brown said. 

Integrated AML tool 

The new AML offering is integrated into FactSet’s workstation, rather than functioning as a stand-alone tool, she said. It supports onboarding, screening and ongoing monitoring within a single environment — an approach aligned with the way banks operate. 

The system delivers: 

• Up to 80% automation across AML and KYC workflows; and 

• Onboarding times reduced by half.  

The reduction in false positives is particularly significant, as banks often spend substantial resources investigating alerts that prove to be benign, Brown said. 

“When you’re dealing with high volumes of data, the ability to surface what is actually risky — and ignore what isn’t — is incredibly important,” she said. “Clients need outputs that are explainable, auditable and grounded in trusted data.” 

The tool is primarily designed for corporate and commercial banking clients, but can be extended to any environment where institutions need to assess customer risk and maintain compliance, Brown said. 

Document intelligence at scale 

Alongside its AML rollout, FactSet has expanded its AI-enabled Document Search tool to more than 85,000 users or asset managers, according to the company’s March 26 release. 

The tool allows users to query earnings calls, regulatory filings, news and transcripts using natural language, returning answers that are fully source-linked and grounded in FactSet’s datasets, the release stated. 

Unlike general-purpose AI tools, the system is designed for high-stakes financial environments in which traceability and compliance are critical, Brown said. 

FactSet users at six of the top 10 global asset managers are actively using Document Search, a company spokesperson told FinAi News.  

“Financial services clients still need full transparency — where the data came from, how outputs were generated and whether they meet internal risk standards,” Brown said. 

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