Artificial Intelligence and Robotics (A Future of Banking): Exploring the Application of Robotics and Artificial Intelligence in the Banking Industry

Abstract

The present business scenario is partly automated. Many companies use ERP, core banking, and other such systems to cater their businesses. It is obvious that when there is human intervention, chances of errors are comparatively high. Hence, to serve the customers in a faster an consistent way and to help increase the potential of the personnel in the key areas of the business, a new technology called Robotic Process Automation (RPA) is on its way. Data is not an end in itself, but a means of gaining more insight into science, business, humanity and the world around us. It has evolved over time and is available in various forms today, infact it has become large and complex such that there are equal efforts required to handle them, store them and maintain them. Data analytics has undergone a step further in Robotics and Automation. This research paper is exploring the fact that today humans have many needs on Internet i.e. Internet of Things have produced an immense demand for something like Big Data. It has produced a massive volume and variety of data at unprecedented velocity.This paper further explores the application of Robotics and Artificial Intelligence into the Banking Industry, the Age of AI, its benefits and types. We have found as to how the RPA powered digital workforce looks to disrupt the manual effort intensive regulatory compliance landscape in Banking and financial services, what edge it has over its human counterpart, the roadmap towards RPA driven compliance, challenges in this digitization journey and success mantras, and innovations that are underway towards building intelligent RPA to replicate human decision-making.