There’s a good chance that the next time you enter your bank, instead of a human banker greeting you, you have Software Robotics deployed at your service.
One of the most trusted banks of the country, ICICI Bank, recently announced about its plans to deploy Software Robotics technology in its internal operations across some 200 odd processes, becoming the first bank to do so in the country. Only a few banks all around the world have made use of this technology in order to make a push towards automation.
The Software Robotics tools are capable of imitating repetitive human actions so as to automate high volume time consuming tasks and save time without compromising on the quality of work done.
The software will make a customer’s experience in a bank smoother than ever as essentially they’re programs with the capability of reducing customer response time by an impressive average of up to 60 percent. In addition to this, these robots are 100 percent on performance as they carry out all the process automated with them with utmost precision, meaning failure isn’t a word in their dictionary.
In one of the usage of Robots by ICICI, the bank has recently launched first-of-its-kind automated locker service in India called — ‘Smart Vault’ which is powered by robotic technology that minimizes human intervention while operating the locker. The advanced Radio Frequency Identification (RFID) enabled mechanism scans customers request and retrieves his/her locker using robotic arm from the vault. After customer’s work with the locker is complete, the robotic arm also retracts the locker back to its secured location.
Not only will these robots give the common man a huge breather from those long queues at banks, but it will also make banks and bank employees more productive by relieving them from mundane tasks. In fact, this will give them more time to focus their attention towards coming up with more customer-centric ideas and working on more value-adding areas. Recent advancements in the field of NLP, Machine Learning, bots and Artificial intelligence have made the creation of this technology platform for their internal usage a reality.
“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,” said ICICI Bank’s MD & CEO during the announcement of the deployment of ‘Software Robotics’ in its branches.
ICICI’s ‘Software Robotics’ initiative is a major breakthrough for the Indian banking industry in the domain of banking innovation as only a few of the organisations abroad can boost of having deployed this unique state-of-the-art robotic technology on such a huge level.
ICICI Bank’s software robots are capable of reading and understanding information from systems, easily recognising patterns and effectively running business processes across various applications to carry out numerous activities such as automated formatting, currency exchange rate processing, data entry and validation, workflow acceleration, reconciliations, text mining and multi-format message creation among various others.
The bots have actual windows and work on them. This means, if a customer is standing in front of one such terminal, he/she can witness actions taking place right in front of them without any human intervention.
According to ICICI, so far they have been getting a good response from the customers. Currently, Software Robots are handling over 10 percent of ICICI’s transactions. In fact, they have been doing about 10 lakh transactions every single day since their launch. Seeing the positive response, ICICI is now contemplating on increasing the processes covered by these bots from the current 200 to 500 by the end of this year.
ICICI Bank seems to be seeing a huge potential of innovation in the Indian banking sector. Its ‘Smart Vault’, a first-of-its-kind locker service in India, designed with state-of-the-art robotic technology and high-end security is an example of its this very belief.
With the technology and banking sector jamming together like never before, we’re sure that the times of robot bankers greeting us when we walk into a bank aren’t far away.
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