IJFANS International Journal of Food and Nutritional Sciences

ISSN PRINT 2319 1775 Online 2320-7876

Challenges and Benefits of Robotic Process Automation in the Banking Industry

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Dr. Avinash Shendre, Prof. V.S. Sontakke


A digital disruption is currently occurring in the banking and financial sector. The desire to reduce costs, increase scale, and provide quick service answers presents additional challenges for the sector. Nevertheless, banks are unable to innovate due to the dispersed processes and several antiquated IT systems that oversee these operations. In addition, banks must process a high volume of papers and personal data while adhering to regulatory regulations and maintaining data privacy. Robotic process automation (RPA), i.e. Logic-driven robots that carry out pre-programmed rules on a modest quantity of both structured and unstructured data are referred to as "automation," in this context. Since the concepts first emerged about ten years ago, they have developed swiftly. Insurance companies have been using RPA in financial services for a time now to handle claims. In order to cut costs, improve services, and even improve the effectiveness of complicated regulation implementations, capital market organisations are now resorting to automation. Financial organisations have the power to scale up their resources to a large population while lowering costs and improving service quality. All services will remain accessible and run continuously. With the aid of a case study approach, this essay clarifies the fundamental idea, benefits, and difficulties of robotic process automation in banking.

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