Pintec Technology Holdings Ltd, a leading independent fintech solutions provider, announced the establishment of an Innovation Center in Shanghai to promote the adoption of Robotic Process Automation (RPA) in financial institutions. Pintec will cooperate with several RPA giants such as Automation Anywhere and Blue Prism to help financial institutions drive digital transformation with RPA. Recently, Pintec assisted with the deployment of an RPA system for Hong Kong Stock Exchange (HKEX) to help them realize process automation in human resources, finance, and other office works.
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Large market opportunity for the application of RPA in the financial field
RPA is an application, governed by business logic and structured inputs, aimed at automating business processes. Using RPA tools, a company can configure software or a “robot” to capture and interpret applications for processing abundant repetitive and rule-based works. RPA can be applied in multiple sectors including finance and tax, data analysis, risk management, customer services, IT, HR covering lots of critical industries such as finance, internet, education, manufacturing, etc.
According to the Report on Robot Technology and Functional Automation: A Combination of Human Power and Machine released by EY in February 2019, the combination of RPA and AI will bring explosive growth to the financial industry. Financial institutions such as bank, securities company, and insurance company have achieved a high level of informatization, which is easier to adopt RPA technology than other industries. Currently, many large financial institutions are applying RPA tools in credit, insurance, and wealth management fields, which cover key operational processes including KYC, loan processing, transaction execution, account processing, auditing, customer services, human resources.
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