Application of Robotic Process Automation Technology for Business Processes in the Field of Finance and Accounting

Abstract

Robotic process automation refers to the use of software robots that are programmed to perform repetitive and time-consuming tasks. This makes them ideal for numerous applications in the field of finance and accounting. RPA-friendly tasks include sending email, opening applications, copying and pasting information from one banking system to another. Effectively implemented, RPA can significantly reduce manual work so that human employees can focus on more complex banking operations, human interaction, and decision making. In fact, automated process automation in the banking sector can reduce the need for repetitive manual tasks, data reconciliation and transcription - up to 70%. Today RPA is poised to change the way financial institutions do business and make that change faster than any other technology currently available. RPA is gaining momentum with its promise to increase business efficiency, increase productivity and lead to an overall increase in profits. The purpose of this article was to study the possibilities of using robotic automation of processes in the field of finance and accounting. In this article, the RPA technology as a whole was analyzed, its advantages and disadvantages were discovered. The areas of application of this technology in various fields were studied, as well as typical processes of financial organizations were analyzed in more detail and options for automating these processes using RPA technology were presented. The relevance of this article is due to modern trends in the field of digitalization and the growing popularity of this particular technology. The article will be of practical value for representatives of the financial sector, as well as for IT professionals specializing in the development of software products for financial institutions.