ICICI Bank, India's largest private sector bank, today announced the deployment of 'Software Robotics' in over 200 business processes across various functions of the bank.
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.
At ICICI Bank, software robots have reduced the response time to customers by up to 60% and increased accuracy to 100% thereby sharply improving the bank's productivity and efficiency.
It has also enabled the bank's employees to focus more on value-added and customer-related functions. The software robots now perform over 10 lakh banking transactions every working day.
ICICI Bank has deployed these software robots in over 200 business process functions across the organisation including retail banking operations, agri-business, trade & forex, 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.
Announcing the deployment of 'Software Robotics', Ms. Chanda Kochhar, MD & CEO, ICICI Bank, said, "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 pathbreaking innovations including internet banking, mobile banking, Tab banking, Touch Banking branches and banking on social media.
The software robots are processing over 10 lakh transactions daily, bringing in unparalleled operational efficiency, higher accuracy and a massive reduction in processing time for customer services.
Further, with our retail banking growing at over 25% every year, we will be ready to handle larger volumes with the same resources. This initiative deeply embodies the bank's philosophy of 'khayaal aapka', wherein we strive to offer the best-in-class experience to our customers.