Power Banking Current Affairs

ICICI Bank: First bank to introduce Software Robotics for power banking operations

India’s largest private sector bank ICICI Bank has successfully deployed ‘Software Robotics’ for power banking operations.

With this, it becomes first bank in the country and among few globally to deploy ‘Software Robotics’. ICICI Bank has deployed Software Robotics to over 200 business processes across various functions.

The 200 business processes include retail banking operations, agri-business, trade & foreign exchange, treasury and human resources management, among others

Key Facts

  • In banking, software robotics emulates human actions to automate and perform repetitive, high volume and time consuming business tasks cutting across multiple applications.
  • It leverages recent advancements in artificial intelligence such as facial and voice recognition, machine learning, natural language processing, and bots among others.
  • The software robots can perform over 10 lakh (1 million) banking transactions every working day.
  • The software robots at ICICI Bank are configured to capture and interpret information from systems, recognize patterns and run business processes across multiple applications.
  • Besides, it can execute activities including data entry and validation, automated formatting, workflow acceleration, multi-format message creation, text mining, reconciliations and currency exchange rate processing among others.
  • Significance: The software robots help to bring operational efficiency, higher accuracy and a massive reduction in processing time for customer services. It will help ICICI Bank to cut response time to customers by 60 per cent and increase accuracy to 100 per cent.

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