@Robo
The finance industry has always been an early adopter of robotics. The ATM, which has been around for over fifty years, is fundamentally a robotic cash dispenser. Today ATMs can perform multiple functions and recently ICICI Bank in India has claimed to be the first bank to use a robotic arm for counting cash.
Robotic processes, usually referred to as robotic process automation (RPA), are employed in many aspects of finance around the globe. Software robots can do many of the tasks previously performed by people and are designed to reduce the burden of carrying our repetitive tasks while increasing efficiency and eliminating human errors. Almost any office function involving multiple tasks and across various platforms can be delegated to RPA.
RPA systems obey predefined rules created by people and implemented in software. The creative element is entirely human. They are incapable of carrying out any intelligent function or improving the processes they perform. In other words, they are unintelligent.
Used extensively throughout the finance industry including banking, insurance and investment, RPA implement processes such as compliance, credit card processing, reconciliation, credit checking of loan applications, filing, form filling and many other back-office functions. Their benefits are far-reaching and range from increased customer satisfaction, improved employee engagement, increased efficiency, and considerably reduced error rates. Humans, freed from spending their time on repetitive tasks, can devote their time to more creative and strategic tasks.