A Study to Identify the Possibilities of Implementing Robotic Process Automation for the Processing of Loans in Banks

Abstract

Today, various studies are going on in every part of the globe to minimize operational costs, increase efficiency, and improve the Return on Investment by almost all organizations. Technology is one of the key factors that aid in the change process happening all over the world. Today, organizations are ready to implement any technology to help them maintain their market position in this highly competitive environment. Robotic Process Automation is a technology that could be considered of prime importance. It can solve these issues in an organization once it is implemented efficiently. RPA finds use in those organizations. The amount of manual processes is more, and the works are repetitive and time-consuming. Financial institutions are among those organizations that can take advantage of having RPA improve their operational efficiency. Financial institutions contain a lot of manual and repetitive tasks in several departments. This paper is based on the study conducted to find out the key areas in which RPA can be implemented so that it helps the financial institutions to make their lending process easier.