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A Study of Robotics in Banking and Financial Services
Abstract
Banking and financial services are essential services for all organizations including government, public, private, academic, and not-for-profit organizations. The need for all government and non-government businesses to be digital businesses is on the increase, especially due to the situation arising during the COVID-19 pandemic. Organizations were forced to provide online service, even though the complete ecsystem like internet connectivity, smartphones, technology to deliver, or workforce readiness was not completely available. Robotics is a multi-disciplinary branch that designs machines that can emulate and replicate human actions, saving time and cost and improving the quality of service. The RPAs in banking and financial services can reduce costs, strengthen compliances, streamline operations, reduce operational risks, and can improve customer services. This study describes in general the emergence of robotics and studies robotics in banking and financial services.
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