Private sector banks looking to leverage robotics, AI

Mumbai: Leading private sector lenders such as HDFC Bank and ICICI Bank are experimenting with robotics and artificial intelligence to improve efficiency and stand out in a market where banks are becoming more and more standardised in terms of technology and services offered to customers. While HDFC Bank launched its humanoid Ira in January to assist customers at a Mumbai branch, ICICI Bank said in September 2016 that it was using robotics to reduce repetitive work for employees, allowing them to be delegated to duties requiring human interaction and involvement. Developed by Kochi-based Asimov Robotics, the humanoid Ira is currently deployed at HDFC Bank's Kamala Mills branch in Mumbai. In the next two years, the bank aims to introduce about 15-20 such humanoids across branches in India. The humanoids will primarily be stationed at welcome desks and will guide customers to relevant counters.