Weekly Current Affairs

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Now, a robot to assist you at HDFC Bank; first humanoid in India’s banking

  • This is part of an Artificial Intelligence (AI) project it began last year, to improve its technological capability.
  • The bank is looking at using AI to better its customer service, beside marketing, process automation and other aspects.
  • It is also looking at using these methods to drive growth in rural areas, for which it is open to partnering with financial technology entities working in these places.
  • City Union Bank has put a humanoid to use at a branch in Chennai. Robot would answer generic banking-related queries from customers. Later, to be integrated with banking systems-enabling transactions, and to improve the automation processes.
  • ICICI Bank has been using AI to perform tasks such as generating customer IDs, updating addresses and mobile numbers, and resolving automated teller machinerelated queries.
  • Axis Bank and YES Bank have also started using blockchain technology.
  • HDFC says a majority of its customers have moved to digital banking (71 per cent at end-March 2016).