Mindtree is using artificial intelligence and machine learning technology to help banks improve their ability to detect financial crimes and enhance reconciliation management. These service offerings are made possible through a partnership with Tookitaki's machine-learning-powered platform.
Banks and other financial institutions are challenged by both the rising sophistication of financial crimes worldwide and increasingly complex regulations requiring strict operating and reporting standards. The ongoing efforts to manually detect money laundering, dealing with false alarms and fragmented reconciliation processes are costly and time-consuming. There is an urgent need for these institutions to automate many of these processes, reducing errors and accelerating their response times to incidents.
"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."
"Rapid development in artificial intelligence and robotics technologies has brought in massive adoption of automated technologies across industries," says Abhishek Chatterjee, Founder, and CEO of Tookitaki. "For banks especially, who 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 artificial intelligence and machine learning capabilities into the critical space of regulatory compliance."
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