Robotic Process Automation in Financial Institutions

Abstract

Often minimized as a bridging technology, Robotic Process Automation (RPA) offers the opportunity to enter digitization in particular for established Financial Institutions. It enables systems to be connected quickly and inexpensively without the costly and time-consuming connection of native interfaces, which often contradict the IT architectural reorientation. Even if RPA is already established as a technology for digitizing and automating processes, there are several challenges in practice: The organizational and cultural change must internalize in the company and commitment from senior management is essential. Also, the initial implementation and sustainable establishment of a well-directed Target Operating Model (TOM) is a critical key success factor. RPA can thus stand as a cornerstone of digitization in Financial Institutions and establish itself as a recognized standard in the automation and digitization of processes.