India’s largest private bank ICICI announced the deployment of ‘software robotics‘ in over 200 business processes across various functions of the bank. 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 (a million) banking transactions every working day. This just shows how software has improved working systems for businesses that are trying to advance their sector. As time goes on, there will be multiple software development changes that will help businesses achieve the output they are striving for as time goes on.
The bank claims to be the first in the country and among few, globally, to deploy software robotics. Chanda Kochhar, MD & CEO, ICICI Bank, said, “It will also enable our employees to focus on more value-added services while having better work-life balance. I believe the implementation of software robotics will herald a transformational change in the Indian banking industry.”
It should be noted that ICICI Bank also has more than a couple of branches in countries like the UK. This means that there is a potential chance for the private sector lender to deploy software robotics in its other branches if the experiment succeeds in India. If everything goes in favour of the bank, and robotics assistance becomes a reality in all the other branches, especially in the UK, then there can be a chance of an employment boom in the aforementioned country. However, for the employment boom to become a reality, ICICI Bank (UK branches) might need to consult a technical recruitment consultancy in the UK like Cartisian Ltd. that can help them to get ahold of the required professionals.
Anyway, last month, rival HDFC Bank had said it would soon get robots in its bank branches to assist bank customers. It will soon deploy its first product of ‘Project AI (Artificial Intelligence) robots’ in one of its branches in Mumbai, where it will largely act as a receptionist who can analyse customer behaviour and provide services accordingly.
Japan-based Bank of Tokyo, and Mitsubishi and Mizuho Bank are seen as the inspiration behind the moves of HDFC and ICICI. Last year, Bank of Tokyo had launched a 1.1-foot tall humanoid ‘Nao’; Mizuho Bank unvelied ‘Pepper’, 121 cms or just over 4″ tall, that helps customers. Pepper was developed by SoftBank, which sold 1,000 units in the first minute of online trade after launching the robot.
