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Roboticprocessautomation (RPA) has emerged as a crucial tool in the finance and accounting sector, playing a strategic role in streamliningoperations. Enterprises across industries have recognized the benefits of automating various processes and tasks.
Customers have also been making use of intelligent automation, particularly chatbots, during the pandemic. For example, in the first quarter of 2021, more Bank of America customers used the financial institution’s virtual assistant Erica and in far greater frequency than in the past— more than 19.5 million customers and 105.6
RoboticProcessAutomation (RPA). Roboticprocessautomation or RPA uses a series of tools that allow businesses to configure software robots or bots that both captures and later interpret financial data from transactions, allowing companies to make more informed business decisions in real-time.
Leveraging advanced technologies like RoboticProcessAutomation (RPA) and Intelligent Document Processing (IDP) can significantly streamlineoperations and enhance efficiency. What is RoboticProcessAutomation?
This transformation uses digital technology to create new business processes or modify existing processes. For example, many customer-service-driven businesses such as banks have implemented digital transformation to improve customer experience, while reducing or eliminating repetitive tasks in the workplace.
As banks and insurance companies navigate an increasingly competitive and complex business landscape, harnessing the power of Gen AI can unlock significant business value. Business operations In banking and insurance operations, back-office processes are being examined for automation opportunities using Gen AI.
However, despite the excitement, AI process optimization has faced significant practical application challenges. Historical attempts at process improvement, from re-engineering to roboticprocessautomation (RPA) have often fallen short of expectations.
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