Robotic Process Automation System Analysis

Nao, a one feet tall robot was introduced in one of the branches of Mitsubishi UFJ bank. Equipped with hi-tech cameras, Nao can detect emotions and speak 19 languages. It greets customers accordingly and asks them for services they might require. Pepper is also introduced at Mizuho bank to excite the customer; all being part of Shinzo Abe’s initiative of “non-human resources”. Such is the impact of automation and robotics that these robots may soon be part of daily life. Automation has been creating waves across the globe in terms of high efficiency work and job distribution in the future. Many studies have shown that automation will disrupt the current economic structure as early as 2021. Automation is a double-edged sword, it significantly

BFSI sector have long embraced technology through outsourcing their work to IT companies, where automation has removed redundant tasks and significantly improved productivity. Finance world is under severe pressure to implement automation to shrink costs and add value. Robotic process automation(RPA) is one of the phrases reverberating around the financial world. Major financial players are analysing its application some are even thinking about implementing it. RPA implementation is relatively easy and cost effective than major IT updates thus RPA is likely to change the financial sector in quick secession and be a differentiator. So, what is this RPA? RPA is a technology that analyses action of humans and imitates the same through existing applications, thus performs the same function a human doing repetitive work does. It can interpret and analyse present data, manipulate it and communicate with various systems. Implementation of RPA is best applicable for those applications that are repetitive and standardised; RPA eliminates bore and redundant tasks and frees the resources to perform more innovative tasks. The RPA would take away the lower level jobs such as data entry, data formatting. The elimination of high frequency repetition by RPA can reduce cost 50-70%. The overall mechanism of RPA can increase innovation drive by 9-12 months; when

The evolution of humans has evolved the money along the way and one way of money exchange was developed when bitcoin was introduced in 2008 by Satoshi Nakamoto. Introduction of bitcoin is quite controversial but it one of the biggest disruption in the banking and financial sector. The framework of bitcoin is a technology called blockchain; blockchain is a ledger or shared record available to all members connected to a network which validates all the transactions without third party intervention. A Blockchain stores its data in “blocks” which has a header and a body; blockchain utilises cryptography to validate all the transactions. So, how does this blockchain work? Blockchain works on principle of keys, sender can access their coins providing private key which in turn is connected with receiver’s public key. Transactions are approved by “miners” around the world who form the basis of peer to peer networking. Blockchain has shaken the financial technology world with 800 start-ups around the globe and have raised funds over $1.4 billion. The overall scheme is to provide trust worthy transactions to the peers without any external