Video: Bank of NY Mellon and Blue Prism RPA

The 233-year-old financial institution is banking on “bots,” specifically robotic process automation (RPA), to improve the efficiency of its operations and to reduce costs. RPA integrates artificial intelligence and is carried out not by physical robots but by software applications. These applications known as web robots or Internet bots are programmed to process automated tasks. In May 2017, the bank announced that over the past 15 months the company has rolled out more than 220 bots developed by Blue Prismfor handling tasks that are often repetitive in nature and normally handled by staff. Examples include “data requests from external auditors” and “funds transfer bots” which help correct formatting and data mistakes in requests for dollar funds transfers.‘”

https://emerj.com/ai-sector-overviews/ai-in-banking-analysis/

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