DEFINITION
Robotic Process Automation (RPA)
Robotic Process Automation or RPA refers to the usage of bots to automate repetitive tasks via a rule-based system. RPA is commonly used to perform back-office tasks such as data entry, transaction processing, generating reports, etc. This is done to make processes more efficient and less error-prone, enhancing the user experience, maintaining regulatory compliance, and cutting down on operational costs.
Synonyms
Digital process automation
Acronyms
RPA
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Synonyms
Digital process automation
Acronyms
RPA
Examples
A customer uses their bank’s self-serve portal in order to update their address. Instead of a person having to look at the new address and manually update that information across all the relevant systems, a bot is triggered and executes this process immediately.
FAQ
Is RPA the same as artificial intelligence?
No, RPA and AI are complementary technologies but very different. Namely, an RPA acts in accordance with predefined rules and cannot “learn” anything. AI on the other hand can adapt in accordance with the data it is presented with.
What are the benefits of RPA in banking?
Robotic Process Automation allows banks to process transactions faster, reduce labor costs, cut down on human error, and enhance regulatory compliance. Furthermore, by reducing the time spent on repetitive tasks, banks can allocate more resources to high-impact tasks, planning, and innovating.
What banking processes can be automated with RPA?
RPA can be used to automate a wide array of tasks, such as Know Your Customer (KYC) or Know Your Business (KYB), customer onboarding, loan processing, fraud detection, and so on. In addition, when paired with specialized software, RPA can do even more complex tasks, such as extracting data via OCR tools.
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worldwide trust Atfinity to drive their digital transformation.
Book your demo today and see why leading financial institutions worldwide trust Atfinity to drive their digital transformation.