December 2024
Intermediate to advanced
336 pages
8h 46m
English
book
Computational Intelligence for Autonomous Finance
by Deepak Gupta, Mukul Gupta, Rajesh Kumar Dhanaraj, Balamurugan Balusamy, Parth M. Gupta
Content preview from Computational Intelligence for Autonomous Finance
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5Robotic Process Automation in the Financial Sector
Neha Sonik1*, Deepa Gupta2 and Parul Gupta3
1BBK DAV College for Women, Amritsar, Punjab, India
2GL Bajaj Institute of Management, Greater Noida, UP, India
3Utica National Insurance Group, New Hartford, New York, USA
Abstract
This chapter gives readers a broad overview of robotic process automation’s potential applications in finance. The market for robotic process automation in the financial industry was estimated to be worth $340.95 million in 2020 and is projected to expand by 30% from 2021 to 2030, reaching $4,883.41 million. This chapter is written with experienced robotic process automation users and all technology enthusiasts in mind. The aim of RPA is to assist users in performing repetitive tasks in the banking industry automatically. In this chapter, we will discuss thoroughly RPA-based banking robots, covering how they can help with operations such as clicking and accessing various programs, sending emails, verifying transactions, and transferring data from one banking system to another. A detailed discussion will be provided on the influence of RPA adoption by banks.
Keywords: Automation, finance, robots, banking, reports
5.1 Introduction
Let us grasp the present situation before we begin with robotic process automation for financial services. In this ever-changing climate, the corporate environment is also constantly altering. The banking sector is under intense pressure to reduce expenses, improve client services, ...
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