Mindtree, a global technology services and digital transformation company, on Tuesday said it forged a partnership with Bengaluru-based predictive analytics platform Tookitaki to offer banks Artificial Intelligence (AI)-based solutions to reduce risks and improve compliance.
Among the services that the companies are offering include "Smart Alert Management" and "Smart Reconciliation Management".
With Smart Alert Management, an automated process to detect suspicious cases more accurately, banks can improve the anti-money laundering process using Machine Learning (ML), Mindtree said in a statement.
Using ML and analytics, Smart Reconciliation Management recommends adjustment amounts and generates an audit trail for thorough business understanding. This shifts reconciliation from being subjective and error-prone to objective and more accurate, the statement added.
"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 capitalise on artificial intelligence and machine learning to help banks run their business more efficiently," Ozair added.
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