The Convergence of AI and RPA in Financial Services: Driving Digital Transformation in Banking

Authors

Vidushi Sharma

Abstract

The financial services industry is undergoing rapid transformation driven by technological advancements. Among these, Artificial Intelligence (AI) and Robotic Process Automation (RPA) stand out as key enablers of digital transformation in banking. This paper explores how the integration of AI and RPA is reshaping banking operations, enhancing efficiency, and improving customer experience. Through a review of existing literature and case studies, we identify trends, benefits, and challenges associated with this convergence. Our analysis highlights the role of AI in augmenting RPA capabilities, such as intelligent data processing, fraud detection, and predictive analytics. Findings suggest that while these technologies promise substantial benefits, their successful implementation requires addressing regulatory compliance, cybersecurity, and workforce reskilling. Additionally, the convergence of these technologies fosters greater agility in adapting to evolving market demands and customer expectations. This paper concludes by emphasizing the need for strategic adoption of AI and RPA to drive innovation and maintain competitive advantage in the evolving banking landscape.

Keywords

Artificial Intelligence, Robotic Process Automation, Digital Transformation, Banking, Financial Services, Automation, Customer Experience, Fraud Detection, Predictive Analytics

The Convergence of AI and RPA in Financial Services: Driving Digital Transformation in Banking. Vidushi Sharma. 2021. IJIRCT, Volume 7, Issue 5. Pages 1-8. https://www.ijirct.org/viewPaper.php?paperId=2501107