Robotic Process Automation in the Financial Sector

Abstract

This chapter gives readers a broad overview of robotic process automation's potential applications in finance. The market for robotic process automation in the financial industry was estimated to be worth $340.95 million in 2020 and is projected to expand by 30% from 2021 to 2030, reaching $4,883.41 million. This chapter is written with experienced robotic process automation users and all technology enthusiasts in mind. The aim of RPA is to assist users in performing repetitive tasks in the banking industry automatically. In this chapter, we will discuss thoroughly RPA-based banking robots, covering how they can help with operations such as clicking and accessing various programs, sending emails, verifying transactions, and transferring data from one banking system to another. A detailed discussion will be provided on the influence of RPA adoption by banks.