Transformation of Business Model in Finance Sector with Artificial Intelligence and Robotic Process Automation

Met, İlker; Kabukçu, Deniz; Uzunoğulları, Gökçe; Soyalp, Ümit; Dakdevir, Tugay

doi:10.1007/978-3-030-29739-8_1

Cited by 26 publications

(13 citation statements)

References 4 publications

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“…Automation and data are the key drivers of business agility. Financial institutions need to change business models especially the customer service model and internal operation processes (Met et al , 2020). OpusCapita Group, a Finnish company that focuses on comprehensive purchase-to-pay and Order-to-cash processes with RPA and offers financial services to medium size to large corporations (Asatiani and Penttinen, 2016).…”

Section: Industry Adoption Of Rpamentioning

confidence: 99%

“…The implementation of RPA requires lots of time and effort and may not achieve the desired goals always (Marek et al , 2019). It was also argued that there is a need for business model change and process (Met et al , 2020), build internal capabilities and capability maturity models (Hallikainen et al , 2018). Lack of standardization and stabilization of process is a major roadblock in many adoption initiatives.…”

Section: Rpa Challengesmentioning

confidence: 99%

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Robotic process automation for industry: adoption status, benefits, challenges and research agenda

Pramod

2021

BIJ

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PurposeThis study intends to find the industries that have leveraged Robotic Process Automation (RPA) technology and elucidate the extent of the adoption of RPA in various industry domains with benefits. The identification of tasks eligible for RPA itself is a challenge. Therefore, the study further brings out the challenges faced in various industry verticals and postulates the future direction of research and applications in RPA.Design/methodology/approachThe study focuses on articles from popular databases such as SCOPUS, Web of Science and Google scholar. PRISMA methodology is used for systematic literature review and 113 papers are shortlisted for study. Three questions are framed to carry out the review and set the research direction.FindingsIt is evident from this study that RPA has been widely used in banking and related areas with moderate use in healthcare and manufacturing leading to operational efficiency and productivity. However, there are a lot more opportunities in other domains that need to be taped by leveraging technology advancements and a research agenda has been devised by postulating future directions.Originality/valueThe study brings out a new comprehensive perspective as regards RPA implementation across domains. There is no promising study found that gathers three-dimensional aspects of the meta-themes applications, benefits and challenges. The study summarizes the research agenda and projects the industry domains that have not yet explored, the benefits of RPA. This will be a good reference article for those who develop RPA techniques and organizations that have plans to go for RPA.

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Section: Industry Adoption Of Rpamentioning

confidence: 99%

Section: Rpa Challengesmentioning

confidence: 99%

Robotic process automation for industry: adoption status, benefits, challenges and research agenda

Pramod

2021

BIJ

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“…This leaves them with two options: call or visit the branch in person. This is where a virtual voice assistant comes in -a text-to-speech voice recognition system improves banking and helps customers complete transactions, pay for services, check out new products, check transaction history, learn more about the tariff, and much more (Met et al, 2020). Voice assistants have a huge potential in solving customer queries and managing banking transactions due to machine learning technologies, cloud computing, natural language processing, and optimized algorithms.…”

Section: Solutionmentioning

confidence: 99%

Voice Assistant Integrated with Chat GPT

Shafeeg¹,

Shazhaev²,

Mihaylov

et al. 2023

ijcs

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AI has become deeply ingrained in the everyday life. The matter in question does not only touch upon the mobile phones that almost everyone carries within easy reach. Today, voice assistants and smart speakers are mainly used to turn on music, turn off the lights or forecast the weather. AI chatbots are getting smarter. The use of new technologies and the general development of neural networks makes it possible to chat or answer questions, write a script, a scientific work, or program code. One of the key differences from previous GPTs is that the new version is trained to continue the text and answer questions. The answers that the bot gives surprise users around the world. Yes, there are still questions about these answers and their validity, and everyone is sure that technology needs to be improved. For a technology to become revolutionary, it must find a better, new, breakthrough application. Although no, such an application has already been invented. Farcana decided to combine the functionality of the GPT chatbot and a voice assistant. By offering players a new approach to familiarizing themselves with game mechanics and general account management, Farcana promotes its advantages over others and rapidly contributes to AI's overall development in the digital society.

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“…RPA is regarded as a powerful and effective technology that can address these challenges and potentially transform the customer service model and internal operation processes, making the financial industry particularly interesting to study (Met, Kabukçu, Uzunoğulları, Soyalp, & Dakdevir, 2020).…”

Section: Australasian Journal Of Information Systemsmentioning

confidence: 99%

When robots join our team: A configuration theory of employees’ perceptions of and reactions to Robotic Process Automation

Waizenegger

Techatassanasoontorn

2022

AJIS

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Robotic process automation (RPA) as a lightweight automation technology has witnessed an increasing uptake in the industry in recent years. Despite considerable changes in employees’ tasks and processes brought about by the introduction of RPA, there is a lack of research that explores how employees react to an RPA implementation. Hence, the goal of this research is to understand employees’ perceptions of and reactions to RPA as these affect their interaction with the technology and, ultimately, their adoption and use. To address this research gap, we conducted a case study at a financial institution in New Zealand and interviewed 18 employees of the business units and members of the RPA team. Building on a configurational approach, we developed a mid-range theory and identified four distinct configurations that show how employees’ perceived consequences of software robots on their jobs influenced their collaboration with the automation team, their attitude towards the change in work tasks and processes and ultimately their interactions with software robots and attribution of software robots’ roles and performance. Our findings may inform implementation and change management strategies and accommodation initiatives to support employees’ needs to facilitate adoption, which is crucial for organisations to realise the benefits of RPA.

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Transformation of Business Model in Finance Sector with Artificial Intelligence and Robotic Process Automation

Cited by 26 publications

References 4 publications

Robotic process automation for industry: adoption status, benefits, challenges and research agenda

Robotic process automation for industry: adoption status, benefits, challenges and research agenda

Voice Assistant Integrated with Chat GPT

When robots join our team: A configuration theory of employees’ perceptions of and reactions to Robotic Process Automation

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