Glossary of Business Terms



Robotic Process Automation (RPA)



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Robotic process automation (RPA) is a software technology that makes it easy to build, deploy, and manage software robots that emulate humans actions interacting with digital systems and software.

RPA helps financial institutions (FIs) become more efficient and effective. Software robots can do things like navigate systems, identify and extract data, and perform a wide range of defined action faster and more consistently than people




RPA streamlines key banking functions, including customer onboarding, verification, risk assessment, security checks, data analysis and reporting, compliance processes and other administrative activities.

Automating these processes not only benefits consumers, it also frees up FI employees to perform more complex, value-adding activities.




Technological advances in conversational artificial intelligence (AI) allow FIs to deliver high-quality digital experiences to customers at scale as well as empower users to control their finances without human support.

Chatbots offer instant responses and quick complaint resolution, boosting the personal banking experience. Conversational interfaces also provide an easy and economical way for FIs to receive customer feedback.

As a result, customer expectations and preferences are evolving. Increasingly more consumers prefer to engage with banks via apps rather than in person.


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