Need For Robotic Process Automation In the Banking Industry

Most banks have a growth plan for every 3-5 years. While it looks easy to achieve the set objectives in those 3-5 years, it’s easier said than done. The primary reason is, that the banking industry has unique business objectives when compared to other industries. Challenges faced by banks are quite colossal when compared to other corporates. Looking back, when the Internet was born, every industry was ready to adapt and change, but it took quite some time for banking and financial institutions to move on and adapt to the Internet buzz. We still have many banks that run on paper-based transactions and their primary reason for not adapting to change is that they deal with the finances of Consumers, Corporations, and Governments. This makes them susceptible to irreversible reputation damage.

However, in the current hyperledger era, banks have become more aggressive. They have started competing with other industries on technological advancement. It is a major change that is often driven by comparison with peer banks. While an aggressive stance means growth, it also brings along more challenges that need to be overcome to meet strategic objectives.