ICICI Bank, the country’s largest private sector bank, announced the deployment of ‘Software Robotics’ in over 200 business processes across various functions.
The bank on Thursday said that software robots have reduced the response time to customers by up to 60 per cent, and increased accuracy to 100 per cent, thereby improving productivity and efficiency, besides enabling employees to focus more on value-added and customer-related functions.
The software robots now perform over 10 lakh banking transactions each day across retail banking operations, agri-business, trade and forex, treasury and human resources management, among others.
Announcing the deployment of ‘Software Robotics’, Chanda Kochhar, MD and CEO, said: “This initiative marks a milestone in banking innovation in the Indian banking industry as it joins a select group of overseas organisations that have deployed this unique robotic technology in such a large way.”
She added: “Further, with our retail banking growing at over 25 per cent every year, we will be ready to handle larger volumes with the same resources. We plan to more than double the software robots to over 500 by the end of this fiscal.”
‘No loss of jobs’ Kochhar clarified that these robots were being used to make repetitive processes efficient and this did not mean any loss of jobs at the bank, adding that the bank will hire a few thousand employees to its headcount every year, based on the business growth that it plans to achieve.