Well, don’t be get astonished by the swift response from your bank. India’s largest private sector bank, ICICI Bank has introduced or deployed ‘Software Robotics‘ to do various banking functions.
This software robot emulates exact human actions to automate and perform repetitive high volume and time-consuming business tasks cutting across multiple applications. Now they do more than 10 lakh banking transactions every working day for ICICI Bank.
How does this software robots work? they 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, automated formatting, multi-format message creation, text mining, workflow acceleration, reconciliations and currency exchange rate processing among others.
It utilizes advanced artificial intelligence such as facial and voice recognition, natural language processing, machine learning and bots among others do the task.
“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 Ms. Chanda Kochhar, MD & CEO, ICICI Bank.”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“.
ICICI Bank software robots now work in 200 business process functions across the organization including retail banking operations, agri-business, trade & forex, treasury and human resources management among others.
These software robots have thus reduced the bank’s response time to customers by up to 60% and increased accuracy to hundred percent.