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14 RPA for the financial industry

Particular challenges and outstanding suitability combined
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Robotic Process Automation
This chapter is in the book Robotic Process Automation

Abstract

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 applications 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 raising of potential benefits such as process-related cost savings, time reductions, and quality improvements. 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, can help to overcome them. As well as providing an overview of the various applications of RPA in the financial industry, we also provide a comprehensive case study of a relevant practical application.

Abstract

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 applications 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 raising of potential benefits such as process-related cost savings, time reductions, and quality improvements. 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, can help to overcome them. As well as providing an overview of the various applications of RPA in the financial industry, we also provide a comprehensive case study of a relevant practical application.

Chapters in this book

  1. Frontmatter I
  2. Preface V
  3. Contents VII
  4. Editors XI
  5. Authors XIII
  6. Part I: Introduction
  7. 1 Robotic process automation 3
  8. Part II: RPA management
  9. 2 Managing RPA implementation projects 27
  10. 3 Finding the perfect RPA match 47
  11. 4 Process selection for RPA projects 77
  12. 5 Selecting processes for RPA 91
  13. 6 Transforming and recombining routines to scale the implementation of software robots 111
  14. 7 Liability for loss or damages caused by RPA 135
  15. Part III: RPA technology
  16. 8 Towards end-to-end business process automation 155
  17. 9 Human–computer interaction analysis for RPA support 169
  18. 10 Supporting RPA through natural language processing 187
  19. 11 Automated segmentation of user interface logs 201
  20. 12 Process mining and RPA 223
  21. Part IV: RPA applications
  22. 13 RPA in accounting 243
  23. 14 RPA for the financial industry 263
  24. 15 RPA for public administration enhancement 285
  25. 16 Applications of RPA in manufacturing 315
  26. Part V: RPA practice
  27. 17 AI evolves IA 349
  28. 18 The broad use of RPA based on three practical cases 377
  29. 19 Digitization applied to automate freight paper processing 393
  30. Index 403
https://doi.org/10.1515/9783110676693-014

Chapters in this book

  1. Frontmatter I
  2. Preface V
  3. Contents VII
  4. Editors XI
  5. Authors XIII
  6. Part I: Introduction
  7. 1 Robotic process automation 3
  8. Part II: RPA management
  9. 2 Managing RPA implementation projects 27
  10. 3 Finding the perfect RPA match 47
  11. 4 Process selection for RPA projects 77
  12. 5 Selecting processes for RPA 91
  13. 6 Transforming and recombining routines to scale the implementation of software robots 111
  14. 7 Liability for loss or damages caused by RPA 135
  15. Part III: RPA technology
  16. 8 Towards end-to-end business process automation 155
  17. 9 Human–computer interaction analysis for RPA support 169
  18. 10 Supporting RPA through natural language processing 187
  19. 11 Automated segmentation of user interface logs 201
  20. 12 Process mining and RPA 223
  21. Part IV: RPA applications
  22. 13 RPA in accounting 243
  23. 14 RPA for the financial industry 263
  24. 15 RPA for public administration enhancement 285
  25. 16 Applications of RPA in manufacturing 315
  26. Part V: RPA practice
  27. 17 AI evolves IA 349
  28. 18 The broad use of RPA based on three practical cases 377
  29. 19 Digitization applied to automate freight paper processing 393
  30. Index 403
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