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Taking banking in India to the next level, ICICI Bank on Tuesday launched a new digital initiative -- Smart Vault.
Smart Vault is India's first automated locker facility with high-end robotic technology.
Launching this automated locker facility in the Capital, Chanda Kochhar, Managing Director & CEO, ICICI Bank, said this initiative marked a milestone in the Indian banking industry.
This is because India has now joined a select group of overseas markets that have access to unique vault with the latest robotic technology.
In this digital initiative, robotic technology is used to access the lockers from the safe vault.
Customers get to conveniently access their lockers at any time of their preference, in the comfort of a secure lounge where the locker automatically comes up to them.
Speaking to reporters on the occasion, Kochhar highlighted that ICICI Bank had shaped the direction of technological progress in the banking industry and led the way in introducing path breaking innovations, including internet, mobile, tab, touch banking branches and banking on social media.
The other important facet of the latest digital initiative was that ‘Smart Vault’ was an example of ‘Make in India’.
Smart Vault has been both designed and manufactured by Indian partners, she said, adding that ICICI Ltd had (in 1990) provided seed funding to the company that has designed the robotic arm.
Pune-based Precision Automation and Robotics India Ltd had designed the robotic arm, sources said.
How it works
The ‘Smart Vault’ facility comprises a comfortable locker room for complete privacy. A customer can gain access to this locker room by swiping her debit card and validating her identity through biometric authentication.
Once inside, the customer requires to swipe her debit card again and enter her PIN on the interactive touch screen kiosk to select the locker she wants to access.
The robotic arm in the safe vault room then identifies, retrieves and presents the locker to the customer at the lounge. The customer will now have to use her unique dimple keys to open the locker and deposit or withdraw valuables from the locker.
Once the transaction ends, the robotic arm retracts the locker back to the secured location.
Kochhar said this ‘Smart Vault’ facility was initially being launched only from one location (Defence Colony at New Delhi).
ICICI Bank will look to expand it to other branches in due course based on the feedback and experience gained from this first location, she added.
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