Abstract
Processes that contain repetitive and well-defined steps are more suitable for robotic process automation (RPA) than others. Many financial processes such as quarterly reports and balance sheet preparation fall into this category. Also, these processes are voluminous, making the benefits of RPA even more recognizable. Financial institutions (FIs) become aware of the benefits of RPA earlier than others and adopted RPA in many of their applications. Account reconciliations, reporting, and tax planning are among the processes that have been adapted to RPA. RPA has been a popular term in the industry for the last few years, only recently has it started to become a technology that’s within the reach of most organizations. RPA market has been almost doubling every year and it is expected to grow by more than 50 through 2020. Growth in the Turkish market is also substantial: between 2018 and 2020 more than 130 top companies have employed RPA robots in their infrastructure. Banks and technology companies in Turkey adapt RPA faster than other sectors, about 50% of the companies that adapted RPA are from these sectors. This paper discusses applications and advantages of RPA by giving examples from the finance and accounting in Turkey.
Highlights
Financial institutions (FIs) typically execute hundreds of thousands of financial transactions, and manually processes numerous documents on a daily basis
In their 2019 research report, the Hackett Group showed that the market for robotic process automation (RPA) has been still growing with a high pace. (Essaides, 2019) In the report, RPA is shown as the game changer in the global business services organizations and the entire business process outsourcing (BPO) ecosystem
This study examines the usage of RPA robots in the top 130 companies in Turkey, and focuses on the applications of RPA in finance and accounting in those companies
Summary
Financial institutions (FIs) typically execute hundreds of thousands of financial transactions, and manually processes numerous documents on a daily basis. (Parcells, 2016) once onboarded, customers require constant interaction through call centers, chatbots, emails etc., requiring similar amount of labor-intensive processes. When added up, these core processes lock up considerable amount of key employee time regularly, and very susceptible to human errors. (Kumar, 2019) The blue highlighted sections show the financial applications where RPA has been most commonly used. By training bots to follow standardized processes, FIs can improve efficiency, increase throughput, and reduce errors. This paper discusses how RPA has been utilized by FIs and provides a number of example processes from the finance and accounting sector
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