Page 5 - RMAI Bulletin July 2024
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RMAI BULLETIN JULY 2024







             How Robotics is



             Changing the Face



             of Indian Banking:



             An In-Depth Analysis








                                                                                           Rajat Mehrotra











             Introduction                                     algorithms to perform more complex functions. Banks

             The banking sector is the backbone of any economy, and  began using RPA for automating mundane tasks such
             in  India,  it  has  been  witnessing  significant  as data entry, account reconciliation, and compliance
             transformations driven by technological advancements.  reporting. This early adoption laid the groundwork for
             Among these advancements, robotics stands out as a  more sophisticated robotic applications.
             revolutionary force reshaping the landscape of Indian  Current State and Innovations
             banking. Robotics, including Robotic Process Automation
             (RPA) and AI-powered bots, is not only enhancing  Today,  robotics  in Indian  banking  has  evolved  to
             operational efficiency but also improving customer  include chatbots, AI-driven customer service agents,
             experiences. However, this transformation comes with  and even robotic  advisors.  These innovations are
             its own set of challenges and risks. This article delves  transforming various aspects of banking operations,
             into how robotics is changing the face of Indian banking,  from front-end customer interactions to back-end
             the benefits it brings, and the various risks associated  processing.
             with it.                                         1. Chatbots and Virtual Assistants: Many Indian
                                                                 banks  have  deployed  chatbots  and  virtual
             The Evolution of Robotics in Indian                 assistants to handle customer inquiries, provide
             Banking                                             account information, and assist with transactions.
                                                                 Examples include ICICI Bank's iPal and HDFC Bank's
             Early Adoption and Progress                         EVA,  which  offer  24/7  customer  support,
             The adoption of robotics in Indian banking started with  significantly reducing wait times and improving
             simple process automation to handle repetitive tasks.  customer satisfaction.
             Over  time,  the  scope  of  robotics  expanded,  2. Robotic  Process  Automation  (RPA):  RPA  is
             incorporating advanced  AI and  machine  learning   extensively  used  for  automating  backoffice


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