Robotics in Financial Process Automation: Reducing Errors and Increasing Speed

Evelyn Kim, Sakthivel Velusamy

Abstract


Robotics in financial process automation is revolutionizing the industry by reducing errors and increasing operational speed. This paper explores the methodologies and technologies employed in robotic process automation (RPA) within financial institutions, focusing on their applications in transaction processing, data entry, and compliance. Through case studies, the paper highlights the benefits of robotics in finance, including improved accuracy, enhanced efficiency, and cost reduction. Additionally, challenges related to technology integration, workforce implications, and regulatory compliance are discussed.

Keywords


robotics, financial process automation, RPA, efficiency.

References


Aguirre, Santiago, and Alejandro Rodriguez. “Automation of a Business Process Using Robotic Process Automation (RPA): A Case Study”. Applied Computer Sciences in Engineering: 4th Workshop on Engineering Applications, WEA 2017, Cartagena, Colombia, September 27-29, 2017, Proceedings 4, Springer, 2017, pp. 65–71.

Boda, Vishnu Vardhan Reddy, and Jayaram Immaneni. “Streamlining FinTech Operations: The Power of SysOps and Smart Automation”. Innovative Computer Sciences Journal, vol. 5, no. 1, 2019.

Cooper, Lauren A., et al. “Robotic Process Automation in Public Accounting”. Accounting Horizons, vol. 33, no. 4, American Accounting Association, 2019, pp. 15–35.

Gotthardt, Max, et al. “Current State and Challenges in the Implementation of Smart Robotic Process Automation in Accounting and Auditing”. ACRN Journal of Finance and Risk Perspectives, 2020.

Hofmann, Peter, et al. “Robotic Process Automation”. Electronic Markets, vol. 30, no. 1, Springer, 2020, pp. 99–106.

Huang, Feiqi, and Miklos A. Vasarhelyi. “Applying Robotic Process Automation (RPA) in Auditing: A Framework”. International Journal of Accounting Information Systems, vol. 35, Elsevier, 2019, p. 100433.

Kokina, Julia, and Shay Blanchette. “Early Evidence of Digital Labor in Accounting: Innovation with Robotic Process Automation”. International Journal of Accounting Information Systems, vol. 35, Elsevier, 2019, p. 100431.

Kumar, Karippur Nanda, and Pushpa Rani Balaramachandran. “Robotic Process Automation-a Study of the Impact on Customer Experience in Retail Banking Industry”. Journal of Internet Banking and Commerce, vol. 23, no. 3, ARRAY Development, 2018, pp. 1–27.

Romao, Mário, et al. “Robotic Process Automation: A Case Study in the Banking Industry”. 2019 14th Iberian Conference on Information Systems and Technologies (CISTI), IEEE, 2019, pp. 1–6.

Syed, Rehan, et al. “Robotic Process Automation: Contemporary Themes and Challenges”. Computers in Industry, vol. 115, Elsevier, 2020, p. 103162.

Tamraparani, Venugopal. “Automating Invoice Processing in Fund Management: Insights from RPA and Data Integration Techniques”. Journal of Computational Analysis and Applications, vol. 28, no. 6, 2020.

Taulli, Tom. “The Robotic Process Automation Handbook”. The Robotic Process Automation Handbook, Springer, 2020.


Refbacks

  • There are currently no refbacks.


Bookmark and Share


Creative Commons License
This work is licensed under a Creative Commons Attribution 3.0 License.