Mindtree to supply AI platform for banks to reduce risks and improve compliance
Bengaluru-based information technology (IT) solutions company Mindtree is using artificial intelligence (AI) and machine learning to help banks to detect financial crimes and improve operational compliance, the company said in a statement.
The company has partnered Tookitaki’s machine learning platform to offer these services, the statement added. Bengaluru startup Tookitaki, backed by Blume Ventures, Rebright Partners, Jungle Ventures and Spring Singapore, offers automated predictive modeling to businesses.
The move, the company says, comes as a response to the banks and other financial institutions facing the threat of sophisticated financial crimes and the challenge of overcoming complexities regarding strict regulations for operational standards.
“There is a compelling need for banks today to automate many traditionally manual, intensive, error-prone tasks,” said Kamran Ozair, executive vice-president and head of banking, financial services and insurance, Mindtree. “This partnership combines Tookitaki’s predictive modelling capabilities and Mindtree’s deep expertise in helping enterprise clients capitalise on AI and machine learning to help banks run their business more efficiently.”
The automated services are expected to efficiently detect money laundering and fragmented reconciliation issues, which presently takes longer and costs immensely through manual efforts.
The joint Mindtree and Tookitaki platform will provide two main services: Smart Alert Management and Smart Reconciliation Management.
The former is an automated, adapting AI-powered model that detects suspicious cases as well as identifies false alerts and missed positives (suspicions overlooked by current detection systems) to enhance analytics’ productivity. The latter is an analytic platform that uses machine learning to resolve exceptions, increase match rates, recommend adjustment amounts and generate an audit trail for reviews.
"Rapid development in AI and robotics has brought in massive adoption of automated technologies across industries,” said Abhishek Chatterjee, founder and chief executive of Tookitaki. “For banks especially, which are dealing with strict regulations and little room for error, automation can drive quality, productivity and profitability. Our partnership with Mindtree has made it easier and more efficient for customers in the financial services industry to introduce AI and machine learning capabilities to the critical space of regulatory compliance,” said Chatterjee,