The impact of robotic process automation in financial institutions

Abstract

A digital transformation of business affects all companies, regardless of their plans, and encourages a constant search for new methods of performing tasks. The implementation and use of new technology is often necessary when introducing changes to current ways of working. Financial technologies - FinTech and robotic process automation (RPA) as one of its phenomena, emerged as a result of this category of changes in finance. The purpose of this paper is to familiarize readers with the advantages and disadvantages, as well as the impact of robotic process automation in financial institutions. By searching Web of Science and SCOPUS, an analysis of the existing literature was carried out to achieve the goal of the study. According to the systematic literature review, robotic process automation technology has numerous advantages over its disadvantages. Moreover, its implementation doesn’t necessarily require other major organizational changes such as process redesigning or modifying the existing information systems.