ICICI Bank to tap AI, take digital banking to the next level

Article By : Toni Urrutia

India’s largest private bank gears up for a digital future by tapping into artificial intelligence, blockchain technology to ride the next wave of digital banking.

India's largest private bank, ICICI aims to tap into technological advances to ehnhance banking – to make it more robust and secure. To achieve this, the bank has created a post of a new senior executive role in the bank – a chief technology and digital officer (CTDO).

Chanda Kochhar, managing director and chief executive officer of ICICI Bank, said in an interview in May that the new CTDO will be in charge of a newly created team called the Technology and Digital Group (TDG). The new group is responsible for expanding the bank's digital reach and the technology it offers to enhance customer and employee experience.

The new CTDO post and the creation of the TDG group are to utilise Artificial Intelligence-infused chat bots to act as quasi-bankers. There will also be software bots that would be capable of remittances and help making loan choices, as well as blockchain techology to enhance banking security.

Kochar further states that the CTDO will work side by side with various business units to conceptualise on providing digital solutions for customer-specific issues.