India’s ICICI Bank has deployed ‘Software Robotics’ in over 200 business processes across various functions of the bank to increase operational efficiency and accuracy.

The software robots emulate human actions to automate and perform repetitive, high volume and time consuming business tasks cutting across multiple applications.

According to the lender, software robots have slashed the response time to customers by up to 60% and increased accuracy to 100%.

They now perform over one million banking transactions each working day across retail banking operations, agri-business, trade and forex, treasury and human resources management, among others.

Announcing the deployment, ICICI Bank MD & CEO Chanda Kochhar said: “We have created new paradigms in the financial services industry by taking the lead in introducing pathbreaking innovations including internet banking, mobile banking, Tab banking, Touch Banking branches and banking on social media.

“Further, with our retail banking growing at over 25% 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,” she added.

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By GlobalData