ICICI bank’s CEO and managing director, Chanda Kochhar said that robotics has helped in reducing response time to customers and error rates made by ICICI bank. “Several of the bank’s processes are undergoing a technological transformation”, Chanda Kochhar said.
While discussing bad loans, Chanda Kochhar said big deals made in corporate India indicate that banks will indeed recover their loans. However, she noted that unsecured loans as well as loans against properties were on the rise, which is a worrying trend. Chanda Kochchar emphasized that banks have to be agile and active to evolve their business model. She also suggested that ICICI bank would make a couple of changes with regard to financing big – ticket projects. One is that project finances will have more structures. Secondly, infrastructure projects would be partly funded by banks and partly funded by other means such as bonds. Chanda Kochchar also stated that an ecosystem will shortly come into place for bigger non-performing assets (NPA) resolutions!
ICICI Bank (Industrial Credit and Investment Corporation of India) is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra, India, with its registered office in Vadodara. In 2014, it was the second largest bank in India in terms of assets and third in term of market capitalization. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non – life insurance, venture capital and asset management. The bank has a network of four thousand four hundred and fifty branches and thirteen thousand nine hundred and ninety five ATMs in India and has a presence in nineteen countries including India.
It is vital that such a reputed bank as ICICI bank makes no errors in the transaction records of its customers and clients in order to maintain their goodwill and its reputation. The induction of robotics into its banking products and financial services is a welcome move. Customers and clients would want instantaneous and accurate messages, giving information on their transactions these days. Robotics certainly helps in this regard and will also help ICICI bank to maintain its customer and client base as well as their goodwill. The ecosystem which is to provide resolutions to non – performing assets will be watched closely and with much interest by other banks, clients and customers. If it works properly and consistently, it may also be adopted by other banks. Who knows, ICICI bank may also win an award from the government of India for such a creative idea! Read more on Startups