2.3.8. Robotics in Banking

Robotics is revolutionizing the way lots of banking and finance companies do business through something called robotic process automation (RPA). According to Romao et al. (2019), RPA represents the use of software with artificial intelligence (AI) and machine learning capabilities in order to drive high-volume, repeatable tasks that previously required only humans to perform. It is essentially a virtual workforce based on software that frees up human employees to focus on less tedious tasks that only humans do well. For example, PayPal and credit institutions also use robots to provide services to their customers. PayPal uses the robot to transfer money from person to person on its own program. PayPal also interacts with robots from companies such as Uber. MasterCard has also built a robot for its customer service department as well as for its Masterpass application. Bank of America has also created a robot on Facebook for its cardholders. Robotic process automation is a quick and simple way for banks to automate a wide range of processes (Mladenovi´ ¯ c 2018):

