The most widely used robotics/AI solution in back-office is robotic process automation (RPA). RPA is in its
simplest form a software robot that can precisely replicate workflows in their entirety once they have been programmed to sequentially perform the workflows’ constituent steps.
RPA offers the following advantages
• It operates applications like Excel and data input systems
• Enables FI’s to upgrade operating efficiency while continuing to use legacy systems
• Has much lower upfront costs and shorter implementation timelines than conventional automation projects involving system developments
• Unlike humans, do not make simple operating errors
• Enables centralized, real-time monitoring of robots’ process controls
While RPA is useful, there are still some technical limitations.
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