RPA in Financial Services

RPA is believed to have existed for more than 7–8 years and it was there before it was spread in the US and Japan market. However, most of these operations remained internal to organizations and gained momentum in the last couple of years. Though rule-based operations were the primary idea of RPA developers to replicate human-based activities in managing the business process operations, AI, and cognitive technologies are gaining market attention with capabilities of decision making. The large companies are currently building bots for business processes automation and AI leverages more automation and integration of various bots deployed.

RPA is designed to streamline repetitive, rule-based operations enabling software to enact as humans to carry out the regular activities reducing the requirement of too much resources for business processes. RPA and AI both are evolving at a rapid pace as far as technology advancements are concerned. While AI is into the picture for quite some time now, the RPA is a known term for only a couple of years. While AI is expected to revolutionize the FinTech sector with better supervision, compliance adherence, security measures, RPA is primarily targeted for the BPO sector to replace the outsourcing of many business functions for cost-effectiveness.

The market is evolving with the emergence of several start-ups offering desktop and business process automation. Blue Prism, Automation Anywhere, and UiPath are the forefront leaders in the RPA market. The RPA providers are leveraging the cognitive capabilities with AI and ML. Easy integration, quick ROI, and better coverage of automation are the focus area of the RPA software vendors.