An Investigation of the Role of Robotic Process Automation in Enhancing Banking Efficiency: A Case Study of FCMB, Lagos State
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Background of the Study:
Robotic Process Automation (RPA) is revolutionizing the retail banking sector by automating routine and repetitive tasks, thereby enhancing operational efficiency and reducing human error. At FCMB in Lagos State, RPA is being deployed to streamline various back-office operations such as transaction processing, data entry, and compliance reporting. By automating these tasks, RPA allows bank employees to focus on higher-value activities, which improves service delivery and customer satisfaction (Ibrahim, 2024). The technology not only reduces operational costs but also increases processing speed and accuracy, which are critical in a competitive banking environment. FCMB’s adoption of RPA reflects a broader industry trend towards digital transformation, where technology is leveraged to optimize performance and improve the customer experience. However, the implementation of RPA is not without challenges. Issues such as integration with legacy systems, initial setup costs, and employee resistance to change can hinder its effectiveness. Moreover, the need for continuous monitoring and maintenance of automated processes is essential to ensure that errors do not propagate through the system. This study investigates how RPA is being utilized at FCMB to enhance banking efficiency, exploring its impact on service speed, accuracy, and overall customer experience. Data from 2023 to 2025 will be analyzed to provide insights into the benefits and challenges associated with RPA implementation in retail banking (Okafor, 2023).
Statement of the Problem:
Despite the clear advantages of Robotic Process Automation, FCMB in Lagos State encounters significant challenges in achieving its full potential in enhancing banking efficiency. Integration issues with existing legacy systems, high initial investment costs, and resistance from staff accustomed to traditional workflows are major barriers to effective RPA deployment. Inconsistent performance of automated processes and occasional system downtime have been reported, which can lead to delays and errors in transaction processing. These operational challenges not only affect internal efficiency but also have a direct impact on customer satisfaction and overall service quality. Additionally, there is a lack of standardized protocols for RPA governance, which can result in variability in outcomes across different branches and departments. The gap between the theoretical benefits of RPA and its practical implementation poses a significant risk to the bank’s operational continuity and competitive position. This study aims to identify the key factors limiting the effective use of RPA at FCMB and to propose strategies for overcoming these challenges, thereby ensuring a smoother and more reliable automation process that enhances overall banking efficiency (Chinwe, 2023).
Objectives of the Study:
• To evaluate the current RPA initiatives at FCMB and their impact on operational efficiency.
• To identify challenges in the integration and maintenance of RPA systems.
• To recommend strategies for optimizing RPA to improve banking efficiency and customer service.
Research Questions:
• How does RPA impact operational efficiency at FCMB?
• What are the main challenges in integrating RPA with existing systems?
• What measures can be implemented to enhance the reliability of RPA processes?
Research Hypotheses:
• H₁: RPA significantly improves processing speed and accuracy in retail banking operations.
• H₂: Integration challenges and resistance to change negatively affect RPA effectiveness.
• H₃: Standardized governance and continuous monitoring enhance RPA performance.
Scope and Limitations of the Study:
This study focuses on RPA implementation at FCMB in Lagos State, using operational data, employee feedback, and performance metrics. Limitations include potential resistance to data sharing and evolving automation technologies.
Definitions of Terms:
• Robotic Process Automation (RPA): The use of software robots to automate repetitive and rule-based tasks.
• Operational Efficiency: The effectiveness of a bank in delivering services promptly and accurately.
• Legacy Systems: Older software or hardware systems that continue to be used in banking operations.
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