ROBOTIC PROCESS AUTOMATION: CHALLENGES AND SOLUTIONS FOR THE BANKING SECTOR

Abstract

In order to cater to the growing customer domain with new service conditions such as 24x7 service, fail-safe service, and mobile service, organizations are incorporating more and more technology-based solutions. Robotic Process Automation (RPA) has emerged as one of the key technology strategies for scaling services with robustness and efficiency. RPA is being increasingly used as a tool to automate, scale-up, manage, analyze, and provide superior customer service. This research paper explains the key challenges banks face in the implementation of RPA and proposes suggestions for banks to avoid these challenges in RPA implementation. The issues faced before and post-implementation of RPA have been discussed. How to deal with security issues on the implementation of RPA has also been discussed. An improved RPA has been proposed to how banks can address new challenges such as debit card fraud and showed how automation benefits the banks in terms of improved error rate, processing time, accuracy, and reliability.