NewTech Friday: OMNIO – Making compliance efficient, cost-effective & effortless

Bulgarian startup OMNIO is one of the five winners of the fourth edition of the LHOFT Catapult: Kickstarter program. Its Founder & CEO, Stoyan Lozanov, tells us about his AI-driven compliance investigator that can reduce clients’ costs and time spent on compliance by more than 70%.
 

What led to the creation of OMNIO?

While working as a compliance manager in financial institutions, I noticed that while many bank departments monitor for potential fraud or money laundering, their efforts can be hampered by internal inefficiencies. Compliance officers frequently spend too much time performing mundane tasks rather than making critical decisions on the issues raised. There is a lack of a comprehensive picture of customers, their actions and transactions, and there is significant effort overlap between the operational, risk and compliance departments. I recognized that there had to be a better way, and since founding OMNIO, I have created the best tool for financial institutions to increase compliance efficiency.