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ICICI Bankers will be able to put money into an investment advisory platform powered by software robotics and AI (artificial intelligence). India's largest private sector has been rolling out to become a digital banking initiative.
"Money coach will be investing in portfolios," said the bank's chief technology officer and digital officer Madhivanan Balakrishnan told TechCircle during a media interaction recently. Digital banking for the lender. It claims that it was the first to launch internet banking in 1998. It introduced its mobile banking application, iMobile, in 2008 and a digital wallet in 2015.
Speaking further on the bank's digital banking initiatives, Balakrishnan said 2017 was the year when digital banking took a very positive leap specifically because of AI and natural language processing (NLP) technologies. "We can resolve almost 65-70 percent queries on the iMobile application" We are moving in stages and learning from be handled by the chatbot, "he added.
The bank has also adopted robotic process automation (RPA) on the operations side along with the early steps in the blockchain or distributed ledger technology. "We have a base of 250 corporates who are exploring the blockchain platform," he said.
'Other', the bank has been leveraged at Apple's virtual voice assistant, 'Siri' to enable seamless peer-to-peer fund transfer to registered payees using voice commands. For example, the customer can initiate the fund transfer by simply saying "Transfer Rs. 5,000 to mother ". Available 24×7 and on all days, this service can be used by users using their Apple iPhone or iPad with iOS version 10 and above. It also showcased an intuitive interface with which customers can now track personal spends and deliverables, set card limits, check account balances, get instant digital credit upto Rs 20,000 and save frequently made transactions as 'favorite'.
Madhivanan believes that the future of internet banking lies in digital loans and quick investments. "For mobile banking, I expect to be driven by voice based services and technology, AI-led personal services and services for every customer and 'satchet' like financial products with small ticket digital loans and insurance," he added.
The bank has also revamped its mobile banking app and expanded features to cover new areas such as shopping and investments. It is also in the early experimentation stage in the multilingual languages with Mera iMobile which is ICICI Bank's official vernacular mobile banking application. It offers agriculture advisory services, such as weather and prices. It is the first mobile banking app to be launched in 12 Languages.
Madhivanan said "I am looking forward to the bank", said "2018 was an exciting journey not just within the bank but also in terms of engaging with the overall ecosystem. Pockets, and our retail internet banking and this does not include the ATMs and the actual transaction that we have in our branches. "
