CICI Bank, India’s largest private sector financial institution has taken a revolutionary step, the first of its kind in the country. As per media reports, the bank is deploying ‘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.
The software robotics have reduced the response time to customers by up to 60% and increased accuracy to 100% and hence, improved the bank’s efficiency.
It has also enabled the bank’s employees to focus more on value-added tasks and customer-related functions. The software robots now perform over 10 lakh banking transactions every working day. The bank has deployed these software robots across the organization including retail banking, agri-business, trade and forex, treasury and human resource management.
“This announcement comes as a milestone in terms of technology in the banking industry. ICICI Bank has always been pioneers in innovation in the banking industry. With our retail business growing at 25% every year, software robotics will enable us to handle larger volumes with the same resources. This move has enabled the bank employees to focus on value-added and customer related functions,”- Reads the bank’s press release.
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. Given the positive outcomes, the bank plans to more than double the software robots to over 500 by end of the year.
What Software Robots Do?
The software robots at ICICI Bank are configured to capture and interpret information from systems, recognize patterns and run business processes across multiple applications to execute activities including data entry and validation. This process has automated formatting, multi-format message creation, text mining, workflow acceleration, reconciliations and currency exchange rate processing.
Given the technology boom in Pakistan over the last decade, we can expect such an innovative step in the local industry too. Given the proven record of software robots in reducing transaction time and improving bank’s productivity, such automation tools can facilitate the local banks too.