09 September 2016 Current Affairs: 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
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.