ICICI Bank Launched Software Robotics for Power Banking Operations [ Current Affairs - Science & Technology ]

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ICICI Bank largest private sector bank of India has created history by introducing ‘Software Robotics’ for power banking operations and become India’s first bank to deploy ‘Software Robotics’.

ICICI Bank launched Software Robotics

ICICI Bank launched Software Robotics

ICICI Bank launched Software Robotics

  • In this regard, Software Robotics is successfully deployed in around 200 business processes such as retail banking operations, agri-business, trade & foreign exchange, treasury and human resources management function by ICICI Bank.

Key Facts

  • Software Robotics matches with human actions to mechanize and also can perform repetitive, high volume and time consuming business tasks which will reduce humen workload.
  • It is able for facial and voice recognition, machine learning, natural language processing, and bots among others.
  • The software robots have capacity to perform around 10 lakh (1 million) banking transactions on every working day.
  • The software robots will get and interpret information from ICIC bank systemsm and will recognize patterns and run business processes according to that on multiple applications.
  • Along with this the robot is also able to do such activities data entry and validation, automated formatting, workflow acceleration, multi-format message creation, text mining, reconciliations and currency exchange rate processing with others.
  • The software robots will be important move in this digital world and will helps for bring operational efficiency, higher accuracy and a massive reduction in processing time for customer services.
  • With this innovation response time will be less up to 60% for ICICI Bank customers and accuracy will be reached at 100 per cent.

About ICICI bank

  • Industrial Credit and Investment Corporation of India (ICICI) Bank is a second largest bank of India which offers multinational banking and financial services.
  • It was established in 1994 and headquartered in Mumbai along with registered office in Vadodara.
  • The bank has 4,450 branches and 13,995 ATMs across the India and has branches in 18 countries.

- Published on: September 9, 2016