Source – https://www.analyticsinsight.net/
ICICI Bank Makes use of Robotic Arms to Minimize the Time Required to Sort Notes.
All the business and industrial sectors are leveraging on the growing technology. Rapid progress in technology has taken over all the sectors of industries. The banking sector is nonetheless taking advantage of the developing Artificial Intelligence. ICICI Bank has become the country’s first commercial bank to avail oneself of personalized Robots. The bank uses Robots to perform automatically a high repetitive volume of handling cash processing on high-end note sorting machines.
Robots to be precise are programmable machines that can assist humans or make mimic human actions. In its originality Robots were built to handle tedious tasks like building cars, but now it performs beyond that. With the expansion in the study of Robotics, Robots are now entitled to tasks like fighting fires, emphatically complicated surgeries, cleaning the home, etc. Each Robot has a dissimilar level of autonomy, where one is human-controlled bots administered by a human with a remote while the other one is fully automatic that performs without any external influence.
How is Robotics used in ICICI Bank?
The ICICI bank uses customized Robotic Arms across 12 cities to boot up operations at its currency chest. The Robotic Arms use an amalgamation of sensors to have a check over 70 parameters within seconds that empowers them to operate continuously and smoothly without any interruption. The Robotic arm serves to manage the incoming notes to the note sorting units. The units then check on the accuracy and correctness of each note and then the Robotic arms receive a signal from the high precision sensors to take up the notes. Afterward, the Robotics arms range the notes and separate them orderly into issuable and non-issuable before putting them on the cash carousel.
In India, the ICICI Bank has introduced Smart Vault, where one can safeguard the valuables while enjoying the benefits of accessing them any time, any day. The Smart Vault is designed with state-of-the-art Robotic technology and high-end security. Revolutionary Robotic technology empowers the Smart Vault that helps in the minimization of human intervention while operating the locker. The advanced Radio Frequency Identification allows to scan the request and recoups the locker using a Robotic Arm. Also, the Smart Vault is provided with the most developed and advanced intelligent security system. With Debit and Biometric authentication, the Smart Vault is secured.
The bank introduced the country’s first blockchain transactions in the global banking platform and this is the result of technology-led innovative services executed by the bank. Along with the Robotic arms and Smart Vaults, the list also embraces power banking operations. It is basically contactless debit and credit cards.
The bank has come up with a mobile application that is Money Coach. It is first-of-its-kind software that includes investment advisory led by the Robotics algorithm. Just with a click customers can now go for the paper verification and registration process for creating a portfolio in the mutual fund. This application consists of far-reaching functions that help in building pervaded entity. Further, it also helps in guiding with the products for investments and also aiding with evaluation throughout the round clock tracking.
Transfers of funds provision have been made more persuasive with the use of voice-assistive commands that can now assist the transfer of funds to the registered recipient. Also, for this, the bank has made utilization of the virtual voice assistant of Apple that is Siri. Presently the facility is completely available for Android users with the help of iOS version 10.
The bank also came up with the execution of Software Robots that are being configured to apprehend and explicate information from systems, identify patterns and run a business process to accomplish activities across multiple applications that include conciliation and exchange of currency rate processing. In the areas of human resource management, trade and forex, agri-business, treasury, and also in retail banking operations the bank has made use of Software Robots.
In the field of artificial intelligence, ICICI Bank has made its focus on the latest advancements which include natural language processing, machine learning, cognitive tools, chatbots, optical character identification, data analytics.
In the earlier stage of banking, customers would transmit money from international locations to India which caused lots of consternation. Everything was manually handled which would take an average of 12 to 13hours to get back to the customer’s queries about the status of the money transaction. In the present time with the advancement of technology, the Artificial Intelligence-driven engine reads the mail, obtains information, and replies back to the customers with very little time. Also, Cloud Robots, along with cloud computing, can make high-speed operations as it will give the Robot access to a large amount of virtual data storage.
