The Future of Robotic Process Automation (RPA) in the Banking Sector for Better Customer Experience

C Vijai; S M Suriyalakshmi; M Elayaraja

doi:10.34293/commerce.v8i2.1709

C Vijai Assistant Professor, Department of Commerce, St. Peter’s Institute of Higher Education and Research, Chennai, Tamil Nadu, India https://orcid.org/0000-0003-0041-7466
S M Suriyalakshmi Assistant Professor, Department of Commerce, St. Peter’s Institute of Higher Education and Research, Chennai, Tamil Nadu, India
M Elayaraja Assistant Professor, Department of Commerce, St. Peter’s Institute of Higher Education and Research, Chennai, Tamil Nadu, India

DOI: https://doi.org/10.34293/commerce.v8i2.1709

Keywords: Robotic Process Automation (RPA), Banking Technology, Robotic Bank, Customer Experience, Banking Sector

Abstract

Robotic Process Automation (RPA) has been a great development today. Robotic Process Automation is a useful tool for the pressing demand of the banking sector. Operation costs have been one of the focus areas in the banking sector. The major benefit of adopting RPA in the banking sector has significantly helped to reduce the costs by 30 per cents to 70 percent, and Robotic Process Automation (RPA) saves labor costs and operational efficiency, accuracy, 24/7, offer innovative services and better experience of the customer. Also, Leading banks like India, such as ICICI Bank, HDFC Bank, and Axis Bank, have implemented Robotic Process Automation. The study focuses on Robotic Process Automation challenges, benefits, and significance in the banking sector. The study discussed the Robotic Process Automation world markets and applications.