ICICI Bank deploys software robotics for banking operations

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Mumbai | Updated: September 9, 2016 7:54:48 AM

ICICI Bank on Thursday said deployment of more than 200 software robots in various banking operations has helped reduce response time to customers by 60%, allowing staff to focus more on value-added functions.

ICICI Bank claims it is the first lender in the country to introduce such robotics into daily operations that emulate human actions to automate and perform repetitive, high-volume and time-consuming business tasks. (Reuters)ICICI Bank claims it is the first lender in the country to introduce such robotics into daily operations that emulate human actions to automate and perform repetitive, high-volume and time-consuming business tasks. (Reuters)

ICICI Bank on Thursday said deployment of more than 200 software robots in various banking operations has helped reduce response time to customers by 60%, allowing staff to focus more on value-added functions.

ICICI Bank claims it is the first lender in the country to introduce such robotics into daily operations that emulate human actions to automate and perform repetitive, high-volume and time-consuming business tasks.

Global banks such as UBS and Goldman Sachs use software robotics in large scale.

The bank has been using these technologies since the start of the current financial year in operations such as validation of PAN and Aadhar card details, updating mobile numbers, re-issuance of debit cards as well as the processing of 15G and 15H forms meant to save TDS on interest income.

While the process of closing a 15G or a 15H form used to take three days, introduction of software robotics allows for same-day closure, explained Anita Pai, senior general manager at ICICI Bank. Robots now perform over 10 lakh banking transactions every working day.

CEO and MD Chanda Kochhar clarified that “there was no question of layoffs” due to advent of the technology at the bank, adding that the bank’s focus was to increase efficiency in service to customers. “We plan to more than double the software robots to over 500 by the end of this fiscal,” she said.

A 2016 report by KPMG analysts notes that the field will continue to grow exponentially, allowing for introduction of robotics into mainstream finance operations of various organisations.

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