Indian technology company Mindtree has entered into a new partnership with data analytics firm Tookitaki to introduce services based on AI security and machine learning technology to help the banks to identify financial crimes and reduce associated risks.
The collaboration on AI security aims to address the growing threats of financial crimes worldwide with new automated solutions.
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With manual detection and reconciliation processes becoming ineffective, costly and time consuming to tackle advanced financial crimes, Mindtree seeks to automate anti money laundering and reconciliation management system of the banks to prevent fraudulent attempts.
Under the initiative, the company has utilised Tookitaki’s machine-learning- powered platform and artificial intelligence to help banks across the world.
The services will include Smart Alert Management solution, an automated, dynamically-adaptive model designed suspicious cases more accurately.
It utilises artificial intelligence and machine learning technology to provide near-to-accurate alerts, decreases false alerts and costs, and help in increasing productivity of analysts.
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By GlobalDataThe AI security services also feature Smart Reconciliation Management solution to enable reconciliation management across business functions.
By utilising machine learning and analytics, the solution increases match rates, offers adjustment amounts as well as generates an audit trail enabling the banks to manage exceptions and say compliant.
Mindtree Financial Services and Insurance executive vice-president and head of banking Kamran Ozair said: “There is a compelling need for banks today to automate many traditionally manual, intensive, error-prone tasks.
“This partnership combines Tookitaki’s predictive modelling capabilities and Mindtree’s deep expertise in helping enterprise clients capitalise on artificial intelligence and machine learning to help banks run their business more efficiently.”
