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.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 2024 edition of BANKING FINANCE.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
'Deep Fake' - an emerging risk for Banking & Financial Sector
Deepfake KYC fraud is a growing concern in India, where fraudsters leverage AI-generated deepfake videos and images to bypass Know-Your-Customer (KYC) verification processes. This has significant implications for financial institutions, fintech companies, and other organizations that rely on KYC to verify the identity of their customers.
RBI CIRCULAR
Operational framework for reclassification of Foreign Portfolio Investment to Foreign Direct Investment (FDI) - November 11, 2024
India's Fiscal Discipline: A Path to Economic Stability and Growth
In a significant economic development, the fiscal deficit for the financial year 2023-2024 (FY24) has been recorded at 5.6% of GDP, falling below the government's revised estimate. This unexpected positive outcome highlights effective fiscal management and a recovering economy, offering a ray of optimism amidst global economic uncertainties.
Augmenting Productivity by Embracing Employee Engagement
As the world's largest coffeehouse chain, Starbucks is a brand that understands the value its employees add to the business. At Starbucks, every employee knows they are valued members of the team. It took Starbucks some time to do this. They have prioritized implementing employee-friendly rules from the beginning.
Ethics in Artificial Intelligence: Navigating the Future Responsibly
Ethics in AI encompasses a wide range of issues, including fairness, accountability, transparency, and the potential for bias. At the core of these discussions lies the question: How do we ensure that AI serves humanity rather than undermines it? As AI systems increasingly influence critical areas such as healthcare, finance, and law enforcement, the stakes are high.
Digital Banking: The Need of the Hour
Development of an economy, especially economic growth primarily depends on industrial development. The industries depend on financial institutions support for funds especially from banks. Banks encourage individuals save and mobilise funds from bank deposits.
Cyber Crimes in Banking: India's Battle Against the Digital Menace
The increasing adoption of digital banking services has transformed the way Indian consumers engage with banks. According to research from the Reserve Bank of India (RBI), the country's digital payment ecosystem expanded by approximately 55% between 2021 and 2023.
Legal News
The Supreme Court (SC) ruled that clauses allowing public sector undertakings (PSUs) to unilaterally appoint arbitrators to resolve disputes with private contractors are invalid.
The Rise Of Green Marketing: Driving Sustainable Change
Green marketing refers to the practice of promoting products or services that are environmentally friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of marketing strategies, including product development, packaging, advertising, and distribution.
ICICI Bank partners with PhonePe to offer instant credit on UPI
ICICI Bank announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.
