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Importance of Artificial Intelligence (AI) and Robotic Process Automation (RPA) in the Banking Industry: A Study from an Indian Perspective

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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))

Abstract

The paper’s primary focus is intelligence creation by AI and fast implementation by RPA. It starts with the applicability of the Turing test propounded by Alan Turing, the father of Artificial Intelligence (AI). At the backdrop lies various events, namely the recent motivation addition of various bank account holders. These factors fuelled the demand for AI and RPA implementation in the banking industry. It pitched how AI and RPA work in real-time scenarios such as financial fraud and money laundering. It discusses how AI builds the knowledge graph and recommends products and services for each customer. This knowledge is implemented and delivered using RPA. The AI application gained prominence in every banking business segment, such as equity, personal, investment and loan. The application of RPA is present in all business segments, although the percentage is increasing yearly. The AI and RPA can help banks to convert the challenges to opportunities. There have been various challenges, and the application of AI and RPA combinations is the key to solving the inefficiencies. Advanced analytical techniques on open-source data have been used in this paper.

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Authors and Affiliations

  1. School of Business and Management, Christ (Deemed to be University), Bangalore, India

    Sunita Kumar & Shivi Khanna

  2. School of Commerce, Finance and Accountancy, Christ (Deemed to be University), Bangalore, India

    Nabanita Ghosh

  3. Head of Data Science, Straive, Chennai, India

    Shiv Onkar Deepak Kumar

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  1. Sunita Kumar
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  2. Shivi Khanna
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  3. Nabanita Ghosh
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  4. Shiv Onkar Deepak Kumar
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Correspondence to Sunita Kumar .

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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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Kumar, S., Khanna, S., Ghosh, N., Kumar, S.O.D. (2023). Importance of Artificial Intelligence (AI) and Robotic Process Automation (RPA) in the Banking Industry: A Study from an Indian Perspective. 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_10

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