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