Author: Mitul Mehta

The Robotics in Finance Industry

The Robotics in Finance Industry

The financial services industry has undergone sweeping change over the last eight years managing different waves of regulatory, customer, technology, competition and market challenges. While many today remain focused on the implications of the digital revolution and its impact on customer expectations and behavior, new opportunities are also emerging. One such technological innovation – robotic process automation (RPA) or robotics – is changing the way that banks, insurers and capital markets firms execute basic processes.

Robotics is the basis for “Workforce Virtualization.” High-volume, low value-added tasks can be standardized and performed, not by “robots” per se, but by software applications, which can be scaled up or down as needed and do not require performance reviews or compensation increases and importantly do not depart for jobs with competitors.