Robotic process automation (RPA) is a software robot technology designed to execute rules-based business processes by mimicking human interactions across multiple applications. As a virtual workforce, this software application has proven valuable to organizations looking to automate repetitive, low-added-value work. The combination of RPA and Artificial Intelligence (AI) is called CRPA (Cognitive Robotic Process Automation) or IPA (Intelligent Process Automation) and has led to the next generation of RPA bots. It has been transforming the banking industry by making the core financial operations exponentially more efficient and allowing banks to tailor services to customers while at the same time improving safety and security. Although intelligent automation is enabling banks to redefine how they work, it has also raised challenges regarding protection of both consumer interests and the stability of the financial system. This article presents a case study on Deutsche Bank’s successful implementation of intelligent automation and also discusses the ethical responsibilities and challenges related to automation and employment. We demonstrate how Deutsche Bank successfully automated Adverse Media Screening (AMS), accelerating compliance, increasing adverse media search coverage and drastically reducing false positives. This research contributes to the academic literature on the topic of banking intelligent automation and provides insight into implementation and development.
Alice Villar is a Computer Scientist and Lawyer born in Brazil and currently living in Ohio (US). In May, 2021, during her Master's degree studies in Computer Science at the University of Essex Online (UK), she published "Robotic process automation in banking industry: a case study on Deutsche Bank" in Springer Nature (Journal of Banking and Financial Technology). That September, she was invited to be a Validation Panel Member in the course approval for Kaplan Open Learning’s MSc Data Science and MSc Artificial Intelligence, evaluating the degree programs in terms of academic content, quality, and fitness for purpose. Her current research interests include AI and ethics and emerging technologies of Industry 4.0, and Industry 5.0. Previously, she authored three law books, including an in-depth analysis of Brazilian Banking Law entitled “Direito Bancário”, as well as numerous articles. She is currently a Technical Research Writer at HELPFUL Engineering, Columbus (OH).
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