Another Letter of mine published in the BUSINESS TODAY issue dated Nov 20th 2016 (just out on the stands today)
This refers to your Tech Special article Scoring Over Humans (October 23). It was a timely pointer of things to come. Robots are not only being used in manufacturing services and homes, they have also now entered into the hallowed portals of the banking sector as well. A recent news item in the media said: ICICI Bank introduces ‘Software Robotics’ to power banking operations. The bank claims it is the first bank in the country and among few, globally, to roll-out software robotics. Over 200 software robots are performing over 10 lakh banking transactions every working day in the bank. Introduction of such robots has reportedly resulted in cutting down response time to customers by up to 60 per cent and increased accuracy to 100 per cent, besides sharply raising efficiency and productivity. Banking functions such as handling new business quotes, new business application processing, bank reconciliation processes, policy reconciliation processes, and checking and auditing processes can be safely handled by software robotics. This technology will also help in freeing up human resources from mundane tasks so that they can focus on providing uniquely human values, like training and mentoring, and the manpower can spend time offering personalized services according to the needs of the clients.
J.S. Broca, New Delhi