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Robotic Process Automation (RPA): A Catalyst for Innovation in Financial Services
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Author(s): David P. Surenthran (St. Joseph's College of Engineering, India), K. Balasubramanian (Jain University Kochi, India), G. Magelesh (St. Joseph's College of Engineering, India), R. Suguna (Jeppiaar College of Arts and Science, India), D. Murugan (Hindustan College of Arts and Science, India)and Joel Jebadurai Devapitchai (St. Joseph's College of Engineering, India)
Copyright: 2026
Pages: 28
Source title:
Emerging Trends and Innovations in Financial Services: A Futurology Perspective
Source Author(s)/Editor(s): Muhammad Ali (Taylor's University, Malaysia), Syed Ali Raza (Iqra University, Pakistan)and Chin-Hong Puah (Universiti Malaysia Sarawak, Malaysia)
DOI: 10.4018/979-8-3693-7160-2.ch012
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Abstract
This chapter explores Robotic Process Automation (RPA) as a transformative force in the financial sector, examining its evolution, implementation strategies, and future trends. It highlights RPA's significant benefits, including cost reduction, improved accuracy, enhanced efficiency, and faster processing times. Diverse use cases demonstrate RPA's impact on data entry, financial reporting, compliance, planning, risk mitigation, and customer service. Real-world examples, such as DBS Bank's successful implementation, showcase RPA's transformative power. The chapter provides a comprehensive guide for effective RPA implementation, covering process selection, ROI analysis, tool selection, bot development, system integration, security, compliance, and change management. It also presents case studies highlighting both the potential and challenges of RPA. Looking forward, the chapter identifies emerging trends that will shape RPA's future in finance, including, process mining, enhanced cybersecurity, integration with IoT and edge computing, and the rise of the digital workforce.
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