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.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
References
Levina, A.I., Borremans, A.D., Lepekhin, A.A., Kalyazina, S.E., Schröder, K.M.: The evolution of Enterprise Architecture in scopes of digital transformation. In: IOP Conference Series: Materials Science and Engineering, vol. 940, p. 012019 (2020). https://doi.org/10.1088/1757-899X/940/1/012019
Levina, A., Novikov, A., Borremans, A.: BPM as a service based on cloud computing. In: Murgul, V., Pasetti, M. (eds.) EMMFT-2018 2018. AISC, vol. 983, pp. 210–215. Springer, Cham (2019). https://doi.org/10.1007/978-3-030-19868-8_21
Ernst, M.: Method and apparatus for dynamic optimization of business processes managed by a computer system (1999). https://patents.google.com/patent/US5890133A/en. Accessed 08 Nov 2022
van der Aalst, W.M.P., Bichler, M., Heinzl, A.: Robotic process automation. Bus. Inf. Syst. Eng. 60(4), 269–272 (2018). https://doi.org/10.1007/s12599-018-0542-4
Hansen, W.-R., Gillert, F.: RFID for the Optimization of Business Processes. John Wiley, Hoboken (2008)
Anisiforov, A., Dubgorn, A., Lepekhin, A.: Organizational and economic changes in the development of enterprise architecture. In: E3S Web Conference, vol. 110, p. 02051 (2019). https://doi.org/10.1051/e3sconf/201911002051
Lacity, M., Willcocks, L., Craig, A.: Robotic Process Automation: Mature Capabilities in the Energy Sector, vol. 19 (2015)
Syed, R., et al.: Robotic process automation: contemporary themes and challenges. Comput. Ind. 115, 103162 (2020). https://doi.org/10.1016/j.compind.2019.103162
Lu, H., Li, Y., Chen, M., Kim, H., Serikawa, S.: Brain intelligence: go beyond artificial intelligence. Mob. Netw. Appl. 23(2), 368–375 (2017). https://doi.org/10.1007/s11036-017-0932-8
Lacity, M., Willcocks, L.P.: Robotic Process Automation and Risk Mitigation: The Definitive Guide. SB Publishing, Ashford, UK (2017)
Lepekhin, A., Borremans, A., Iliashenko, O.: Design and implementation of IT services as part of the “Smart City” concept. MATEC Web Conf. 170, 01029 (2018). https://doi.org/10.1051/matecconf/201817001029
Aguirre, S., Rodriguez, A.: Automation of a business process using robotic process automation (RPA): a case study. In: Figueroa-García, J.C., López-Santana, E.R., Villa-Ramírez, J.L., Ferro-Escobar, R. (eds.) WEA 2017. CCIS, vol. 742, pp. 65–71. Springer, Cham (2017). https://doi.org/10.1007/978-3-319-66963-2_7
Zaychenko, I., Smirnova, A., Borremans, A.: Digital transformation: the case of the application of drones in construction. MATEC Web Conf. 193, 05066 (2018). https://doi.org/10.1051/matecconf/201819305066
Willcocks, L.P., Lacity, M.: Service Automation Robots and The Future of Work. SB Publishing, Ashford, UK (2016)
Desai, D., Jain, A., Naik, D., Panchal, N., Sawant, D.: CRM using RPA UiPath. In: Jacob, I.J., Kolandapalayam Shanmugam, S., Bestak, R. (eds.) Data Intelligence and Cognitive Informatics, pp. 729–743. Springer, Singapore (2022). https://doi.org/10.1007/978-981-16-6460-1_56
Mullakara, N., Asokan, A.K.: Robotic Process Automation Projects: Build Real-World RPA Solutions using UiPath and Automation Anywhere. Packt Publishing Ltd, Birmingham (2020)
Brooks, J., Brooks, L.: Automation in the medical field. IEEE Eng. Med. Biol. Mag. 17, 76 (1998). https://doi.org/10.1109/51.687969
Ilin, I., Levina, A., Lepekhin, A., Kalyazina, S.: Business requirements to the IT architecture: a case of a healthcare organization. In: Murgul, V., Pasetti, M. (eds.) EMMFT-2018 2018. AISC, vol. 983, pp. 287–294. Springer, Cham (2019). https://doi.org/10.1007/978-3-030-19868-8_29
Iliashenko, O.Y., Iliashenko, V.M., Dubgorn, A.: IT-architecture development approach in implementing BI-systems in medicine. In: Arseniev, D.G., Overmeyer, L., Kälviäinen, H., Katalinić, B. (eds.) CPS&C 2019. LNNS, vol. 95, pp. 692–700. Springer, Cham (2020). https://doi.org/10.1007/978-3-030-34983-7_68
Balasundaram, S., Venkatagiri, S.: A structured approach to implementing robotic process automation in HR. J. Phys.: Conf. Ser. 1427, 012008 (2020). https://doi.org/10.1088/1742-6596/1427/1/012008
Rozario, A.M., Vasarhelyi, M.A.: How robotic process automation is transforming accounting and auditing. CPA J. 88, 46–49 (2018)
Issac, R., Muni, R., Desai, K.: Delineated analysis of robotic process automation tools. In: 2018 Second International Conference on Advances in Electronics, Computers and Communications (ICAECC), pp. 1–5 (2018)
Lacity, M.C., Willcocks, L.: What knowledge workers stand to gain from automation. Harvard Bus. Rev. 6 (2015)
Iden, J.: Lightweight IT and the IT function: experiences from robotic process automation in a Norwegian bank. Bibsys Open J. Syst. 25, 1–11 (2017)
Cewe, C., Koch, D., Mertens, R.: Minimal effort requirements engineering for robotic process automation with test driven development and screen recording. In: Teniente, E., Weidlich, M. (eds.) BPM 2017. LNBIP, vol. 308, pp. 642–648. Springer, Cham (2018). https://doi.org/10.1007/978-3-319-74030-0_51
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2023 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this paper
Cite this paper
Ershova, A.S., Gugutishvili, D.M., Lepekhin, A.A., Tick, A. (2023). Application of Robotic Process Automation Technology for Business Processes in the Field of Finance and Accounting. In: Ilin, I., Petrova, M.M., Kudryavtseva, T. (eds) Digital Transformation on Manufacturing, Infrastructure & Service. DTMIS 2022. Lecture Notes in Networks and Systems, vol 684. Springer, Cham. https://doi.org/10.1007/978-3-031-32719-3_75
Download citation
DOI: https://doi.org/10.1007/978-3-031-32719-3_75
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-031-32718-6
Online ISBN: 978-3-031-32719-3
eBook Packages: Intelligent Technologies and RoboticsIntelligent Technologies and Robotics (R0)