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ICICI’s Smart Vault Techno – Modern Banking

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ICICI’s Smart Vault Techno – Modern Banking, ICICI bank under the “Make in India” initiative has launched a first of its kind, automated, state of the art digital locker to enrich customer experience. The bank call the locker “Smart Vault”. Smart Vault will offer digital locker facility to its customers even on weekends and after banking hours. However, ‘Smart Vault’ charges will be higher than manual lockers and would differ at places due to unstable real estate cost. The Vault is designed and produced in India. Now check more details about “ICICI’s Smart Vault Techno – Modern Banking” from below….

ICICI’s Smart Vault Techno – Modern Banking

ICICI's Smart Vault Techno - Modern Banking

How to use Smart Vault?

The ‘Smart Vault’ can provide access to the lockers from the safe vault using robotic technology. This allow the customers to conveniently access their lockers any time. Customers can access the lockers in complete secrecy without any branch staff intervention. Access to ‘Smart Vault’ can be validated by customers through their details.Customers can either use debit card and Personal Identification Number (PIN) and biometric identification. After the customer has validated his identity, a robotic arm of the vault will bring a locker from the vault to the customer. Once the customer has deposited the amount or valuables, the robotic arm will take the locker back to the vault. Customers can also call a central team in case of emergency to guide the customer. The ‘Smart Vault’design and functions are easy and customers will made be able to use it without any involvement of branch staff. The bank also claim the system to be unbreakable. The bank has three different sized lockers.

Smart Vault Features

‘Smart Vault’ is a great technological innovation from Indian Banking Industry perspective.

Some of the features include:

  • Round the clock accessibility, i.e. smart vault can be used 24*7 throughout the year.
  • Numerous alert mechanisms like video patrolling by bank after banking hours, automatic alarms, text alert upon usage to customers, a direct line call with the team to guide the customer in case of emergency.
  • Customers can only come inside the vault after proper authentication of identity.
  • Smart Vault is a state of the art, unbreakable,multi-layered security system, which offers complete privacy to the customer.
  • The smart vault can be accessed by customer through debit card & PIN and through biometric authentication, it also features a dimple key technique which cannot be replicated.

The ‘Smart Vault’ is an innovative design and has set a benchmark for design capabilities in the banking industry. Each locker can take a weight of up to 70kg, while lockers of other banks internationally can only take up to 25kg.

Conclusion

With the introduction of Smart Vault ICICI Bank has provided its customers a secure hi tech way to store away their valuables by using the vault services even when the bank is not operating. ICICI Bank has made a great move to leverage technology innovation and created product to cater to customers. It would be great to see other banks coming up with such technological innovation to improve the financial technology ecosystem.

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About Yash Shah

Yash Shah is passionate article writer and has written more than 100 articles in the field of Finance, Insurance, Stock Market, Company Law, Auditing, Taxation and many others. In case of any queries or suggestions, you can reach the author @ [email protected], you can also catch him on facebook @ yashshah299

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