Software robotics is the use of bot programs to automate computer tasks normally performed by people. Software robotics is synonymous with robotic process automation (RPA) and is the less widely used term, except in the financial services industry. Its potential benefits include increased efficiency, accuracy, customer satisfaction and visibility, and lower costs.
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The financial services industry is a major user of software robotics. Common applications include financial and accounting activities typically performed in enterprise resource planning (ERP) systems or similar enterprise software for invoicing, order management and payment processing. Software robotics executes steps, such as validating a form is complete and sending it to the next recipient, in a computerized workflow.
Although the technology may pose a threat to white-collar jobs, such as bank loan officers and insurance office managers, software robotics vendors propose that automating routine tasks frees bank and insurance employees to do more creative, value-adding work.
Software robotics vendors for the financial industry include Automation Anywhere, Blue Prism, Kofax, Thoughtonomy and UiPath.