‘Software Robotics’ introduced by ICICI to power banking operations
ICICI Bank today announced the deployment of Software Robotics in its internal operations across 200 processes. These software tools emulate repetitive human actions to automate high volume time consuming business tasks. The bank is the the first in the country and in a select group of banks globally to have deployed such a technology for automation purposes.
These software robots are essentially programs that will reduced the response time to the customer by an average of 60% and out of all the processes that have been automated with these robots, there have been absolutely no failures. This definitely allows the bank to be more productive by taking mundane tasks from employees, allowing them to focus on more value-adding areas and customer-centric ideas. Recent advances in Machine Learning, Artificial intelligence, NLP and bots have been drawn upon to create this technology platform for their internal usage.
Announcing the deployment of ‘Software Robotics’, Ms. Chanda Kochhar, MD & CEO, ICICI Bank, said, “It is yet another proud moment for us as we bring forth the futuristic technology of ‘Software Robotics’. We have re-engineered over 200 business processes which are powered by software robots across various functions of the Bank. 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.”
The software robots at ICICI Bank are programmed to read and understand information from systems, recognize patterns and run business processes across multiple applications to execute activities including data entry and validation, automated formatting, multi-format message creation, text mining, workflow acceleration, reconciliations and currency exchange rate processing among others. If you’re wondering – Yes, the bots do fire up actual windows and work on them. So, by chance, if you are standing in front of one such terminal, you can see actions taking place without human intervention.
The bank has seen tremendous outputs with this technology change. Over 10% of their transactions are being handled by the Software Robots. In fact, about 10 lakh transactions are being done every single day. By the end of the year, ICICI bank plans to increase the number of processes covered by these bots to over 500. Who knows, maybe the next time you walk into the bank, you’ll be greeting by robot bankers!
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