Opening Bell for Robotic Process Automation in Financial Services Industry

Opening Bell for Robotic Process Automation in Financial Services Industry

Robotic Process Automation (or RPA) is a form of business process automation technology based on metaphorical software robots (bots) or artificial intelligence (AI) / digital workers. It is sometimes referred to as software robotics. In traditional workflow automation tools, a software developer creates a list of actions to automate a task and an interface to the back-end system using internal application programming interfaces (APIs) or a dedicated scripting language.

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Some of the key players of Robotic Process Automation in Financial Services Industry:

Kofax Inc, UiPath, Inc, Blue Prism, Pegasystems Inc, Automation Anywhere, Inc, EdgeVerve Systems Limited, PINTEC, Softomotive Ltd, Redwood Software Ltd, WorkFU.S.ion, Inc.

In contrast, RPA systems develop the action list by observing the user performing this task in the application's graphical user interface (GUI) and then performing automation by repeating these tasks directly on the GUI. This can lower the barrier to using automation in products that might not otherwise have APIs for this purpose.

RPA tools have strong technical similarities to tools for testing graphical user interfaces. These tools also automate interaction with the GUI, and often repeat a series of demonstration actions performed by a user. RPA tools differ from such systems in that they allow data to be processed in and between multiple applications, such as: B. Receiving emails with an invoice, extracting the data, and then entering that data into an accounting system.

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