Mumbai: Private Bank ICICI has installed “Software Robots” in India on Thursday to perform banking operations. This “software robots” has around 200 business processes and capability to minimize the response of customers by 60%.
"The bank is the first in the country and among few, globally, to deploy 'software robotics' that emulates human actions to automate and perform repetitive, high volume and time consuming business tasks cutting across multiple applications," ICICI Bank said.
"We have re-engineered over 200 business processes which are powered by software robots across various functions of the bank. We plan to more than double the software robots to over 500 by end of this fiscal," Chanda Kochhar, MD and CEO, ICICI Bank, said.
“This unique robotic technology has marked a milestone in the banking industry as it joins a select group of overseas organizations,” Kochhar said.
“Over 10 lakh transactions are performed by these software robots daily to bring operational efficiency, accuracy and a massive reduction in processing time for customer services”, she added.
“Software robots have reduced the response time to customers by up to 60 per cent and increased accuracy to 100 per cent thereby improving the bank's productivity and efficiency,” a statement from ICICI Bank said.
"With our retail banking growing at over 25 per cent every year, we will be ready to handle larger volumes with the same resources," Kochhar said.
"It will also enable our employees to focus on more value-added services while having better work-life balance," she added.
As of now, ICICI Bank has a system of 4,451 branches and 14,073 Automated Teller Machines (ATMs) which it has sent these product robots over the association, including retail keeping money operations, agri-business, exchange and forex, treasury and HR administration 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," the statement said.