IT firm Mindtree has formed an alliance with the machine-learning powered platform, Tookitaki, to reduce financial fraud incidents and enhance reconciliation management.
Tookitaki's Decision Support System (DSS) integrates artificial intelligence to provide data-driven solutions in effort to improve the detection of financial fraud and reconciliation management. The alliance will introduce two new services: Smart Alert Management and Smart Reconciliation Management.
Smart Alert Management is aimed at targeting suspicious behavior and decrease fraud errors while improving analyst productivity. According to MindTree, Smart Alert Management could result in a 30% decrease in false alerts and a 35% to 40% increase in process efficiency.
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Another service offered, Smart Reconciliation Management hopes to streamline reconciliation management across business workflows with an end-to-end automated approach.
Abhishek Chatterjee, founder, and CEO of Tookitaki said, "Rapid developments in artificial intelligence and robotics technologies has brought on massive adoption of automated technologies across industries.
"For banks who are dealing with strict regulations with 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."