Among these advancements, robotics stands out as a revolutionary force reshaping the landscape of Indian banking. Robotics, including Robotic Process Automation (RPA) and Al-powered bots, is not only enhancing operational efficiency but also improving customer experiences. However, this transformation comes with its own set of challenges and risks. This article delves into how robotics is changing the face of Indian banking, the benefits it brings, and the various risks associated with it.
The Evolution of Robotics in Indian Banking
Early Adoption and Progress
The adoption of robotics in Indian banking started with simple process automation to handle repetitive tasks. Over time, the scope of robotics expanded, incorporating advanced AI and machine learning algorithms to perform more complex functions. Banks began using RPA for automating mundane tasks such as data entry, account reconciliation, and compliance reporting. This early adoption laid the groundwork for more sophisticated robotic applications.
Current State and Innovations
Today, robotics in Indian banking has evolved to include chatbots, Al-driven customer service agents, and even robotic advisors. These innovations are transforming various aspects of banking operations, from front-end customer interactions to back-end processing.
1. Chatbots and Virtual Assistants: Many Indian banks have deployed chatbots and virtual assistants to handle customer inquiries, provide account information, and assist with transactions. Examples include ICICI Bank's iPal and HDFC Bank's EVA, which offer 24/7 customer support, significantly reducing wait times and improving customer satisfaction.
This story is from the August 2024 edition of BANKING FINANCE.
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This story is from the August 2024 edition of BANKING FINANCE.
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