Mindtree Uses Artificial Intelligence and Machine Learning to Help Banks Across the Globe Reduce Risk and Improve Compliance
Sanjay Krishna | Myequity news | Date : 07-08-2018 17:35:00 IST
Mindtree, a global technology services and digital transformation company is guiding its client base to achieve faster outcomes in business.
They are using artificial intelligence and machine learning technology to detect financial crimes and enhance reconciliation management which is a help for the banks.The service offerings are made possible through a partnership with Tookitaki’s machine-learning- powered platform.
Banks and other financial institutions are challenged by the rising sophistication of financial crimes accross the world and increasingly complex regulations requiring strict operating and reportingstandards.
Mindtree are making an effort to detect money laundering manully, they are also dealing with false alarms and fragmented reconciliation processes are costly and time consuming.There is an urgent needfor these institutions to automate many of these processes, reducing errors and accelerating their response times to incidents.
To address these challenges, Mindtree and Tookitaki are now offering these services:
- Smart Alert Management: A completely automated, dynamically-adaptive model based onartificial intelligence and machine learning technology to detect suspicious cases moreaccurately. It reduces false alerts, increases true positives (suspicious cases missed byrules/legacy systems), lowers costs, and enhances the productivity of analysts. Banks canimprove the anti-money laundering process using machine learning.
- Smart Reconciliation Management: An end-to-end automated approach to reconciliationmanagement across business functions. Using machine learning and analytics, itincreases match rates, resolves exceptions, recommends adjustment amounts andgenerates an audit trail for thorough business understanding. This shifts reconciliationfrom being subjective and error-prone to objective and more accurate. Banks canautomatically handle exceptions and correct source systems while staying compliant.
“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, FinancialServices and Insurance at Mindtree.
“This partnership combines Tookitaki’s predictive modelingcapabilities and Mindtree’s deep expertise in helping enterprise clients capitalize on artificialintelligence and machine learning to help banks run their business more efficiently.”
"Rapid development in artificial intelligence and robotics technologies has brought in massiveadoption of automated technologies across industries,” says Abhishek Chatterjee, Founder andCEO of Tookitaki.
“For banks especially, who are dealing with strict regulations and little room forerror, automation can drive quality, productivity and profitability. Our partnership with Mindtreehas 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 regulatorycompliance.”About Mindtree :
Mindtree is a global technology consulting and services company, helping Global 2000 corporations marry scale with agility to achieve competitive advantage. “Born digital” in 1999, more than 340 enterprise clients rely on our deep domain knowledge to break down silos, make sense of digital complexity and bring new initiatives to market faster. We enable IT to move at the speed of business, leveraging emerging technologies and the efficiencies of Continuous Delivery to spur business innovation. Operating across 17 countries, we’re consistently regarded as one of the best places to work, embodied every day by our winning culture made up of 19,000 entrepreneurial, collaborative and dedicated “Mindtree Minds.”