The software robots processing over 10 lakh transactions daily have reduced the response time to customers by up to 60 % and increased accuracy to 100 %, thereby improving the by the bank’s productivity and efficiency
India’s largest private sector lender ICICI Bank has become the first bank in the country and among the few globally to deploy software robotics to power its internal banking operations. Robotic process automation is being used by the bank in over 200 business processes across various functions of the bank to perform repetitive, high volume and time-consuming tasks cutting across multiple business process functions including retail banking operations, agri-business, trade and forex, treasury and human resource management among others.
The software robots are processing over 10 lakh transactions daily, bringing in greater operational efficiency, higher accuracy and a massive reduction in processing time for customer services. ” Software robots have reduced the response time to customers by up to 60 % and increased accuracy to 100 % , thereby improving the by the bank’s productivity and efficiency. It has enabled our operations team to focus on other value-added and customer- related functions,” Anita Pai, Senior General Manager, ICICI Bank.
The bank has implemented the software robotic platform in-house , leveraging recent advancements in AI such as facial and voice recognition, natural language processing, machine learning and bots. ICICI Bank has bought the robotic automation platform from an international player called OpenSpan.
Talking about the efficiency – enhancing robotic automation platform, Pai stated that the bank has seen significant improvement in the reducing the response time to customers esp in the area of ATM query resolution. “There are situations where a customer operates an ATMs for cash withdrawal, the amount gets debited from his account but the money is not disbursed at the ATM. We have about 20 crore ATM cash transactions in a year. About 0.05 percent queries are raised. The regulated allows us 7 days to complete the ATM query resolution as against that we used to take 12 hours. But with the adoption of software robot we have been able to bring this down to 4 hours with 100 % accuracy,” she told ETCIO.
At a global level UBS Bank and Goldman Sachs have leveraged robotic process automation to automate business processes that are routine, repetitive in nature and are high volume.
Right now about 10 percent of the bank’s internal transaction processing is on this platform. The plan is to use the platform for 500 business processes during this financial year.
(This article was originally published in ETCIO.com)