Robotic Process Automation: A Disruptive Technology for Operational Excellence in Banking Industry
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The banking sector has experienced significant growth, driven by technological advancements that provide faster, more secure, and reliable services. As competition intensifies, particularly with the rise of virtual banking, banks are focusing on enhancing user experiences, improving efficiency, reducing costs, and optimizing back-office operations. This paper explores the transformative potential of Robotic Process Automation (RPA) in banking, covering its applications from customer service and account management to risk assessment and compliance. It highlights the evolution from traditional RPA to Cognitive Automation, where technologies like AI, ML, and NLP enhance automation capabilities. By automating complex tasks such as data analysis and decision-making, Cognitive Automation improves accuracy and innovation. The study also addresses the practical implications of RPA, including data governance, ethical AI practices, and workforce upskilling, offering valuable insights for banking professionals and policymakers navigating digital transformation in finance.
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