Sign in to report inappropriate content. ICICI Bank deployed the industrial'Robotic Arms' to digitise operations at its currency chests. The Bank is the first commercial bank in the country and among the few globally to customise and deploy industrial robots to automate and perform repetitive high volume steps in handling cash processing on high-end note sorting machines.

Mumbai: The financial sector in India is driving investments into chatbots and artificial intelligence (AI) to augment customer service, but bankers are convinced that there would not be job losses as these new tools will only complement staff. When it comes to AI it is not upstarts but big guns of banking with resources, which are driving investments. State Bank of India (SBI) is working with IBM to make use of Watson -- an answering computer software to assist staff and employees. HDFC Bank has tied up with artificial intelligence firm Niki (funded by Ratan Tata and Ronnie Screwvala) to bring in conversational banking. Last week, Yes Bank partnered Payjo to launch AI-led digital initiatives.

ICICI Bank customers will now to able to put money lying idle in savings bank accounts to better use with the help of an investment advisory platform powered by software robotics and AI (artificial intelligence). The platform, dubbed Money Coach, is the latest in a long line of products and features that India's largest private sector lender has been rolling out over the years as part of its digital banking initiative. "Money Coach will manage the entire investment journey of a customer from building an investible corpus to investing in recommended portfolios," said the bank's chief technology and digital officer Madhivanan Balakrishnan told TechCircle during a media interaction recently. The launch of the platform also marked two decades of digital banking for the lender. It claims that it was the first to launch internet banking in 1998. It introduced its mobile banking application, iMobile, in 2008 and a digital wallet in 2015.

Experts believe that technologies like Artificial Intelligence, Blockchain, Internet of things, Cloud Computing, Cloud Robotics, Automation, Biometrics and Quantum Mechanics would change how we tackle our daily chores and services. Let's take a closer look at these advanced technologies that could shape the Fintech Scenario of remote villager's life. Knowing the fact that the unbanked population could also be uneducated and could only converse in the local language, the agent banking has been flourishing. But how about an AI-based app that could help you provide answers to all your banking needs via voice? Simple queries like – What's my savings account balance or Transfer funds to my kid school account would not only help rural people use the banking services but would also make human involvement redundant.

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.

Image: Shailesh Andrade / Reuters Private sector lender HDFC Bank on Monday unveiled the humanoid'IRA' (intelligent robotic assistant), which will provide assistance to bank customers. "The humanoid will be operational at one of the branches of HDFC Bank, in about two weeks' time," said Nitin Chugh, the bank's digital banking country head. He said that based on the response received for the humanoid, the bank will decide on whether to deploy additional robots in more branches. HDFC Bank, which has a strong foothold in the digital banking and financial technologies space to improve banking services for its customers, will focus on the areas of Artificial Intelligence, Internet of Things (IoT), Virtual Reality (VR), block chain and rural fintech, to boost banking experience. These five platforms form the theme for the second edition of HDFC Bank's Digital Innovation Summit, details of which was announced on Monday.

Mumbai: ICICI Bank, India's largest private sector bank, today announced the deployment of'Software Robotics' in over 200 business processes across various functions of the bank. The bank is the first in the country and among few, globally, to deploy'Software Robotics' that emulates human actions to automate and perform repetitive, high volume and time consuming business tasks cutting across multiple applications. At ICICI Bank, software robots have reduced the response time to customers by up to 60% and increased accuracy to 100% thereby sharply improving the bank's productivity and efficiency. It has also enabled the bank's employees to focus more on value-added and customer-related functions. The software robots now perform over 10 lakh banking transactions every working day.

Chanda Kochhar, managing director & chief executive officer, ICICI Bank, said by the end of FY17, the bank would more than double the number of transactions cleared by the bots. "Currently, about 10 per cent of our internal transactions are being carried out via the software robots and by the end of this year, we believe, this will go up to 20 per cent of our transactions. This has helped us in improving productivity and efficiency and will help us in handling larger volumes as we continue to grow." The lender started experimenting with software bots at the beginning of this financial year. Now, over a million banking transactions across 200 business processes are carried out by the technology on a daily basis.