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Challenges in Banking and Solving Them Using RPA

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Confluence of Artificial Intelligence and Robotic Process Automation

Part of the book series: Smart Innovation, Systems and Technologies ((SIST,volume 335))

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Abstract

Robotic Process Automation (RPA) is a technology used by banks and other financial institutions to automate manual business operations so that they can compete in today’s market. Onboarding clients, ongoing services, credit card processing, mortgage processing, loan processing, and information retrieval are just a few of the banking activities that necessitate a huge workforce and take time. The necessity for a big workforce for these procedures is rapidly shrinking with the development of Robotic Process Automation and other cognitive technologies. Through automation, the bank’s analysts may devote more time to advanced-value tasks, such as evaluating automated outcomes and assessing complex loans that were previously too complex to automate, which can improve process precision, decrease operating time per loan, and provide the bank with additional analyst capacity for client support. The present chapter addresses the current challenges faced in the banking industry and provides solutions in the form of use cases, thereby highlighting the importance of RPA and AI in the banking industry.

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Authors and Affiliations

  1. Department of Computer Science and Engineering, M.S. Ramaiah Institute of Technology, (Affiliated to VTU), Bangalore, Karnataka, India

    Ganeshayya Shidaganti, Lakshya Khandelwal, Kushagra Gupta & Himanshu Vaswani

Authors
  1. Ganeshayya Shidaganti
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  2. Lakshya Khandelwal
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  3. Kushagra Gupta
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  4. Himanshu Vaswani
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Corresponding author

Correspondence to Ganeshayya Shidaganti .

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Editors and Affiliations

  1. Algebra University College, Zagreb, Croatia

    Siddhartha Bhattacharyya

  2. Department of Computer Science and Engineering (AI & ML), Bengal Institute of Technology, Kolkata, India

    Jyoti Sekhar Banerjee

  3. Department of Computer Science and Engineering, Maulana Abul Kalam Azad University of Technology, Kolkata, West Bengal, India

    Debashis De

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Shidaganti, G., Khandelwal, L., Gupta, K., Vaswani, H. (2023). Challenges in Banking and Solving Them Using RPA. In: Bhattacharyya, S., Banerjee, J.S., De, D. (eds) Confluence of Artificial Intelligence and Robotic Process Automation. Smart Innovation, Systems and Technologies, vol 335. Springer, Singapore. https://doi.org/10.1007/978-981-19-8296-5_6

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