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Mindtree partners Tookitaki to offer AI, ML based financial crimes detection, reconciliation management service to banks

Mindtree is banking on artificial intelligence and machine learning technology to help its banking clients improve their ability to detect financial crimes and enhance reconciliation management

Tech consulting firm Mindtree is banking on artificial intelligence and machine learning technology to help its banking clients improve their ability to detect financial crimes and enhance reconciliation management, said a statement from the company.

The company informed that it was offerings these services through a partnership with Tookitaki’s machine-learning based platform. Tookitaki is a Bangalore based startups that deals in predictive analytics.

Under this partnership, MindTree is able to offer two services to its clients namely Smart Alert Management and Smart Reconciliation Management. While the first deal with suspicious cases more accurately with artificial intelligence, the other brings more an end-to-end automated approach to reconciliation management across business functions by using machine learning and analytics.

“There is a compelling need for banks to automate many traditionally manual, intensive, error-prone tasks,” said Kamran Ozair, Executive Vice President and Head of Banking, Financial Services and at Mindtree.

“This partnership combines Tookitaki’s predictive modelling capabilities and Mindtree’s deep expertise in helping clients capitalize on artificial intelligence and machine learning to help banks run their business more efficiently,” he added.

“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,” he added.

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