Implementation of robotics and its impact on sustainable banking: A futuristic study

Abstract

Nowadays we are standing on the edge of technological rebellion which would vitally modify the way we live and work. This paper focuses on understanding the changing economic and financial situations with advent of modern technology. Banking sector was analyzed with the help of secondary data collected through several reports, journals, websites and past studies. The study helped me attain insight into probable impacts of implementation of robotics in banking sector and the way it would help to ease the bank’s transactions, maintain sustainability throughout and enhance profitability. While in the field of manufacturing, repetitive procedure have been subjected to automation involving robotics and other technologies, since industrial revolution, robotics has now opened doors to other sectors of the world like banking and finance. This study has been undertaken to understand the impact of RPA (Robotics process automation) technology on banks and its future in a developing nation like India. The research has emphasized on alterations made by changing technology specially robotics in the banking industry.

Service Robots: Trends and Technology

“…As an example, Vodafone combines RPA and RPM to identify non-standard orders that require a high level of human interaction, which helps to reduce the time invested into checking complex orders before delivering to a supplier [93]. In the banking industry, some cases using RPA are: automatic report generation, opening an account, audit and compliance, chatbots, anti-money laundering, among others [94]. The combination of RPA and IA can lead to improved operational efficiency and increase the impact on the economics of innovation.…”

Harnessing digital technologies for triple bottom line sustainability in the banking industry: a bibliometric review

“…Lastly, the inculcation of social indicators assesses the impact on social concerns like community involvement, diversity and equity, and the rights of employees [14]. Today, banks are scrambling to exploit dig-techs to improve operational efficacy and customer experiences while contributing to sustainability [28,32]. They cannot prosper and endure in this dynamic ecosystem if they are oblivious to how their actions influence the sustainability of their operations [10].…”

Candidate Digital Tasks Selection Methodology for Automation with Robotic Process Automation

“…Therefore, it can be exploited to automate routine tasks that are broadly considered not cost-effective [14]. Various benefits of implementing RPA within organizations have been reported (e.g., [13,[15][16][17][18]) as it speeds up business growth by reducing a lot of manual and repetitive work. Nonetheless, as the technology is still new, the implementation of RPA faces some challenges [19].…”