Hummingbird Automations improves efficiency for compliance professionals

Hummingbird launched Automations, a new product for boosting compliance productivity, reducing risk, and lowering costs.

Automations provides compliance teams at financial institutions with an easy-to-use, visual automation builder, allowing them to automate away manual, repetitive tasks, saving time and effort while enforcing controls and improving oversight.

Scaling a compliance program can mean growing costs and increased risk, but it doesn’t have to. Hummingbird Automations allows companies to clear away manual task work, meaning they can more efficiently allocate resources and optimize program performance. Compliance teams using Hummingbird can now turn to Automations to programmatically handle the worst of an investigator’s busywork, allowing them instead to focus on high-value, strategic assignments. In addition to time-savings, Automations also safeguards organizations by helping enforce internal policies and improve case monitoring.

Everything happens in Hummingbird’s purpose-built financial crimes investigations platform. Customers using the platform see their company’s data, workflows, and policies become the “ingredients” used to create time-saving automations. They have the option to select from a library of pre-built “recipes” or create their own from scratch using a visual, easy-to-use automation builder.

Automations recipes are already available for these key use cases (with more being added every week!):

  • Know your customer / business (KYC/B): Track, monitor, and trigger reviews of your customers, with support for ongoing and periodic monitoring.
  • Quality assurance (QA): Schedule QA reviews on a sample of recent cases to verify the quality of completed work.
  • Case preparation: Accelerate investigations by pre-populating case information and findings.
  • Case monitoring: Automatically notify users of cases that require their attention, such as those with an upcoming deadline or a rejected filing.
  • Case management: Automate administrative tasks, such creating, assigning, and updating cases.
  • Activity digests: Improve oversight with regularly scheduled reports of case activity.

“We believe that automation is the future of compliance,” said Joe Robinson, CEO of Hummingbird. “With the introduction of Automations, our goal extends beyond merely freeing up time and improving efficiency for compliance professionals. We’re aiming to enable more comprehensive and impactful financial crime investigations, going beyond the limitations of current technologies.”

Hummingbird Automations comes at a time when compliance teams are working harder than ever. Today, teams must fight to manage risk while reckoning with an ever-evolving financial landscape – the challenge is to keep pace with increasing regulatory complexity while running a program that is cost-effective and can scale. It’s an obstacle that Hummingbird Automations helps meet head on.

“Hummingbird Automations has made a huge impact on my team and our work,” said a Senior Compliance Manager at a leading BNPL provider, who was part of the feature’s beta testing. “We’re now able to easily automate notifications and reporting, allowing us to increase oversight and streamline our workflow. The tool is flexible and easy-to-use, and we’re excited to automate even more aspects of our process!”

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