Implication of RPA on Financial Services: A Novel Human Resources Information System

1. Introduction

The Industrial revolution (I.R.) 1.0 began in the year 1760. In Britain and the United States, it started around 360 years before. The substantial consequence of the industrial revolution is that it rapidly transformed the economy and standard of living in society. Before the industrial revolution, the leading part of trading was agribusiness and handmade products. Initially, animals like ox, horses, bulls, and donkeys are used as vehicles. Also, animals are used to routine life like pouring water and irrigation. The industrial revolution occurs whenever labor wants to reduce work pressure. Caring for animals' health from severe infection gives intense pressure. For fulfilling the growing population's market demand, mass production is needed. Therefore, the manufacturing sector started transforming into a machinery culture. Machinery energy is much more efficient in factory setups. Afterward, designing modern machinery and its spare parts created a new path to business. Industrial revolutions 1.0 and 2.0 focused on an alternative to human energy such as power energy. The steam engine was introduced in the I.R. 1.0. The gas and oil-based apparatus are proven in I.R 2.0. The I.R. 3.0 introduced information technology, which upgraded the comfortable and standard of living fashion. The novel intelligence system is equal to genius birth. Artificial Intelligence (AI) journey began from I.R.3.0. However, the AI peak period is I.R. 4.0. Modern society widely uses Machine learning and AI-implemented applications. This reflects its enormous success. AI and machine learning techniques are a primary priority of the current version of I.R 4.0. Each phase of the industrial revolution and the predicted I.R. 5.0 features are briefly described in this introduction part.

Online payment usage, particularly in the financial sector, has extended socioeconomic class boundaries in society to do more financial transactions. Small road vendors to massive shopping mall vendors now use digital transactions like PayPal and google pay. As a result, managing significant transactions and client question calls needs sophisticated software applications. RPA application processes work as a brilliant employee and work ever-fresh helpdesk source person for the client side.

RPA is a wise employee all by itself. Similar to human resource information systems, RPA is utilized to manage customer assistance instead of employees. During working hours, it takes a lot of time to keep track of every customer. For clients, RPA carries out electronic signature tracking, investment maturity date notification, and visa expiry notification. This technique is carried out manually before RPA. Customer communication occurs through the postal service. A postal delay in the manual method is another difficulty. In a variety of situations, it can be hard to find the customer's latest contact address. RPA uses automatic notification rather than relying on outside organizations like the postal service. It's simple to send out notifications right away. Getting a timely process is difficult when there are bank holidays or sticks. After the adoption of RPA, all transactions may be completed through apps without the customer having to visit a branch. In human resource department repetitive task is updating validating employee information like bank account, visa and passport details and medical card information. When a new employee is hired, repetitive duties can be done by human resource automation, such as processing payroll details, health insurance details, and reporting procedures. The human resources staff also spends more time reviewing resumes and filtering applications. RPA in human resources efficiently handled the enormous data collection of applicants and the issue of confirming the legitimacy of the information (Ariwala, 2022b).