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RPA for the Financial Industry Particular challenges and outstanding suitability combined

  • Like many service industries, the financial industry is largely characterized by administrative and back-office processes and distinguished by a broad systems landscape with a high proportion of legacy systems. Missing interfaces between Information Systems, User Interfaces or Web Applica-tions often require many manual activities. As banks are often functionally organized into traditional departments, a process-oriented organizational structure is rarely in place. The financial industry therefore offers enormous potential for the use of Robotic Process Automation (RPA) and the rais-ing of potential benefits such as process-related cost savings, time reductions and quality im-provements. The aim of this chapter is to describe the tremendous opportunities that the use of RPA technology offers to the financial industry and to explain how these opportunities can be realized. Therefore, we start by explaining the challenges that progressive digitalization poses to the industry and how RPA, but also more advanced technologies (that work not only rule-based but also define own rules), such as Artificial Intelligence (AI), can help to overcome them. As well as providing an over-view of the various applications of RPA in the financial industry, we also provide a comprehensive case study of a relevant practical application.
Metadaten
Author:Peter RötzelORCiD, Mario Smeets, Ralf Osterndorf
Parent Title (English):Robotic Process Automation
Publisher:De Gruyter
Place of publication:Amsterdam
Document Type:Part of a Book
Language:English
Year of Completion:2021
Release Date:2020/11/30
Tag:Accouting; Artificial Intelligence; Finance; Legacy systems; Robot Process Automation
GND Keyword:Finanzdienstleistungsinstitut; Automation; Digitalisierung
Urheberrecht:1
research focus :Wissensmanagement und Strukturwandel / Business Transformation and Innovation Management
Licence (German):Keine Lizenz - es gilt das deutsche Urheberrecht
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