ICICI Bank – the country’s largest private sector bank – has introduced software robots which promise to cut response time to customers by 60 per cent and increases accuracy to 100 per cent.
The bank expects the initiative to enable the bank’s employees to focus more on value-added and customer-related functions. The software robots now perform over 1 million banking transactions every working day.
The lender has deployed these software robots in over 200 business process functions across the organisation including retail banking operations, agri-business, trade & foreign exchange, treasury and human resources management among others.
The bank has implemented the ‘Software Robotics’ platform mostly in-house, leveraging recent advancements in artificial intelligence such as facial and voice recognition, natural language processing, machine learning and bots among others.
“ICICI Bank has a legacy of pioneering innovations in technology to create propositions that provide increased convenience to customers. We have created new paradigms in the financial services industry by taking the lead in introducing path-breaking innovations including internet banking, mobile banking, Tab banking, Touch Banking branches and banking on social media,” said Ms. Chanda Kochhar, MD & CEO, ICICI Bank, while announcing the deployment of ‘Software Robotics’.
With the bank’s retail banking business growing at over 25% every year, it will be ready to handle larger volumes with the same resources, Ms Kochhar said. “This initiative deeply embodies the bank’s philosophy of ‘khayaal aapka’, wherein we strive to offer the best-in-class experience to our customers.”
ICICI Bank plans to more than double the software robots to over 500 by end of this financial year.
The bank has re-engineered over 200 business processes which are powered by software robots across various functions of the bank. The bank said this initiative marks a milestone in the banking innovation in the Indian banking industry as it joins a select group of overseas organisations which have deployed this unique state-of-the-art robotic technology in such a large way.
By Vishwasjeet Singh – vishwasjeet@estrade.in
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