RPA is transforming banking and finance by boosting efficiency, accuracy, and compliance, paving the way for hyper-automation and enhanced customer experiences.
Authors
Rohit Yadav, IILM University, Greater Noida, India
Sandeep Kumar Singh, Associate Professor, Jindal Global Business School, O.P. Jindal Global University, Sonipat, Haryana, India
Thi Minh Ngoc Luu, International School, Vietnam National University, Hanoi, Vietnam
Ali Najeeb, Qasim Ibrahim School of Business, Villa College, Maldives
Summary
Robotic Process Automation has revolutionized the banking and finance industry by automating routine, time- consuming tasks, thus increasing efficiency, accuracy, and adherence to regulatory requirements. The chapter then discusses the RPA functionalities in numerous financial processes, such as transaction monitoring, customer onboarding, and reporting towards regulatory compliance, along with the essential benefits- such as savings, reduced errors, and scalability. It further elucidates the interfacing of RPA with other advanced technologies, AI, and ML, for predicting a future of hyper- automation and more customer- centric solutions. The chapter further delineates the problems in the implementations of RPA, such as interfacing RPA with legacy systems, issues with data security, and employee adaptation. In banking and finance, RPA will be much more pronounced in deeper automation capabilities, more fluid customer experiences, and a hybrid human- robot workforce. The ever- growing reliance on RPA will make its users stand out against the increasingly digital financial environment.
Published in: Intelligent Robotic Process Automation: Development, Vulnerability and Applications
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