Mindtree and Tookitaki to jointly provide AI powered solutions for banks

The solution leverages Machine Learning (ML) and Business Intelligence (BI) to optimize business processes and predict matching and exception resolutions without human intervention.

Multinational IT and outsourcing company Mindtree announced today that it has entered into a strategic partnership with Bengaluru-based predictive analytics platform Tookitaki to provide artificial intelligence (AI) and machine learning technology to help banks enhance their ability to detect financial crimes and reconciliation management.

Integrating Tookitaki's predictive modeling capabilities and Mindtree's deep expertise, the new services offered by the joint venture include:

• Smart Alert Management: This AI and machine learning based automated model can be used to detect suspicious cases more accurately and banks can improve the anti-money laundering process using Machine learning.
• Smart Reconciliation Management offers an end-to-end, automated solution to reconciliation management across workflows. The solution leverages Machine Learning (ML) and Business Intelligence (BI) to optimize business processes and predict matching and exception resolutions without human intervention.

"Rapid development in artificial intelligence and robotics technologies has brought in massive adoption of automated technologies across industries. Our partnership with Mindtree has made it easier and more efficient for customers in the financial services industry to introduce artificial intelligence and machine learning capabilities into the critical space of regulatory compliance," says Abhishek Chatterjee, Founder, and CEO of Tookitaki.

Mindtree tweeted,

Read more about how Mindtree and Tookitaki will help banks improve their ability to detect financial crimes and enhance reconciliation break management using #AI and #machinelearning - https://t.co/4ZbA4dOLn5 #antimoneylaundering

— Mindtree (@Mindtree_Ltd) August 7, 2018

"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 at Mindtree.

"This partnership combines Tookitaki's predictive modeling capabilities and Mindtree's deep expertise in helping enterprise clients capitalize on artificial intelligence and machine learning to help banks run their business more efficiently," Ozair further added.