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Thursday, October 22, 2020

RPA for Fintech, a Use Example

Here a good intro to RPA (Robotic Process Automation) for finance applications.  Nice too because most of us can understand basic financial statements, arithmetic and goals.   Below just the intro, full look at the link. 

RPA Guide For Fintech Industry   Posted by Amit Dua  from DSC

Technology is changing the way we live and breathe. We’d even go a step ahead, and quote: Everything we do as humans, including every feat we’ve achieved as a modern civilization, is marked by dynamic leaps in technology. 

What is a dynamic leap, you ask? Let’s understand technological advancements through an example of linear and dynamic steps.  When talking in the Linear terms, if you go from 1 to 30, you cover 30 steps.  Common sense, right? But wait. When talking in Dynamic terms, if you go from 1 to 30, you cover a Billion.  That’s what a dynamic leap is; and technology is evolving at a dynamic pace. Marshall McLuhan puts it best: ‘First, we build the tools; then they build us back.’

The same is true with the BFSI (banking, financial services, and Insurance) sector. 

Since the advancements in automation and digital technologies, it has become preemptive for financial institutions to change the dynamics and inculcate automation in their regulatory requirements.  If we follow the automation trend, it suggests that intelligent automation technologies like Robotic Process Automation (RPA) and AI can reduce costs in Fintech by up to 25%. 

Alt: RPA Implementation in Fintech Industry

What’s Fintech? According to Investopedia, ‘Financial technology (Fintech) is used to describe new tech that seeks to improve and automate the delivery and use of financial services.’.... "

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