Journal of Advances in Developmental Research

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The Role of Robotic Process Automation in Streamlining Financial Operations in FinTech

Author(s) Vidushi Sharma
Country United States
Abstract The financial technology (FinTech) industry has undergone significant transformation, with automation technologies, particularly Robotic Process Automation (RPA), playing a pivotal role. RPA utilizes software robots to automate repetitive, rule-based tasks traditionally handled by humans, making it a valuable tool in streamlining financial operations. This paper examines the role of RPA in optimizing core financial processes within FinTech organizations, including payment processing, Know Your Customer (KYC) compliance, financial reconciliation, and fraud detection. The study highlights how RPA enhances operational efficiency by reducing manual intervention, improving accuracy, and lowering operational costs. Additionally, it explores RPA's contribution to better regulatory compliance by automating critical compliance checks and audit trails. The integration of RPA not only improves the speed and accuracy of financial transactions but also helps reduce the risks of human error, fraud, and non-compliance. However, the adoption of RPA in FinTech is not without challenges, including the need for seamless integration with legacy systems, cybersecurity concerns, and the costs associated with implementation and maintenance. This paper also explores future trends, such as the integration of RPA with emerging technologies like artificial intelligence (AI) and machine learning, which are poised to further enhance the capabilities of automation in the FinTech sector. Overall, RPA presents a transformative opportunity for FinTech companies to streamline operations, reduce costs, and improve service delivery.
Keywords Robotic Process Automation, FinTech, Financial Operations, Automation, Cost Reduction, Compliance, Efficiency, Reconciliation, Artificial Intelligence
Field Engineering
Published In Volume 10, Issue 2, July-December 2019
Published On 2019-11-06
Cite This The Role of Robotic Process Automation in Streamlining Financial Operations in FinTech - Vidushi Sharma - IJAIDR Volume 10, Issue 2, July-December 2019. DOI 10.5281/zenodo.14715783
DOI https://doi.org/10.5281/zenodo.14715783
Short DOI https://doi.org/g82qsw
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