Mindtree believes it can significantly increase efficiency for banks by using artificial intelligence and machine learning.
The Indian IT services giant has partnered with Tookitaki, which operates a machine learning, predictive analytics platform designed to achieve faster business outcomes and root out risks.
Cybercrimes have been on the rise, especially in the financial sector - banks now have to navigate complex regulations and abide by strict operating and reporting standards. Business cybercrime rose by 63% in 2017 alone according to a recent study by Computer Weekly.
Mindtree and Tookitaki aim to support financial institutions through the development of two new services: Smart Alert Management, a solution that detects suspicious cases more accurately, and Smart Reconciliation Management, an end-to-end automated approach to reconciliation management across business functions.
"There is a compelling need for banks today to automate many traditionally manual, intensive, error-prone tasks," said Kamran Ozair, EVP 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."
Abhishek Chatterjee, founder and CEO of Tookitaki, added: "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."