FinTechArtificial intelligence platform launches to tackle financial crime

Artificial intelligence platform launches to tackle financial crime

As financial crime becomes increasingly sophisticated, a new AI tool has been developed to take on fraudsters, minimize the risks of human error and ensure regulatory compliance.

Technology and consulting services company Mindtree has launched an artificial intelligence and machine learning tool designed to help banks improve their ability to detect financial crimes and enhance reconciliation management.

The service is powered by a machine-learning platform developed by predictive analytics specialist Tookitaki.

The launch comes as banks and other financial institutions come under pressure from the increasing sophistication of financial crimes worldwide and ever-more complex regulations requiring strict operating and reporting standards.

Because manually detecting money laundering, dealing with false alarms and fragmented reconciliation processes can be costly and time-consuming, there is a growing need for financial institutions to automate many of these processes. Additional benefits of automation include the reduction of errors and quicker response times to incidents.

There is a compelling need for banks today to automate many traditionally manual, intensive, error-prone tasks

Mindtree and Tookitaki’s platform offers Smart Alert Management, an automated, dynamically adaptive model based on artificial intelligence and machine learning technology to detect suspicious cases more accurately; and Smart Reconciliation Management, an end-to-end automated approach to reconciliation management across business functions.

The latter uses machine learning and analytics to increase match rates, resolve exceptions, recommend adjustment amounts and generate an audit trail.

“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,” said 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.”

Related Articles

Adding emotional intelligence to artificial intelligence

FinTech Adding emotional intelligence to artificial intelligence

1m Larry Augustin
From moonshot to reality: AI's advances in corporate banking

Automation From moonshot to reality: AI's advances in corporate banking

7m Alenka Grealish