Impact of AI and RPA in Banking

Abstract

This chapter talks about the impact of RPA and AI in the Banking Industry. Banking being one of the early adopters of RPA and now AI, in this chapter we analyze the current problems in banking industry and key disruptors and set the context to establish how Intelligent Automation with AI and RPA can help in addressing these disruptions. The chapter then focusses on how these technologies will transform the way the banks operate.The chapter then dives deep into real life use cases of Lending operations, Contact Center operations and fraud operations in a bank. For each of these areas, the chapter describes the business problem with a brief overview of the generic process and typical problems associated with that, what the levers of automation are that can be applied to address the problem and outline the solution with high-level components specified along with the benefits achieved through the solution. The chapter will end with stating what it takes for enterprises and what practices they need to build, what should be the operating model, delivery, support, and governance, to achieve the benefits that AI and RPA can bring to the enterprise.