The market for robotic process automation (RPA) in financial services growing subsequently and is expected to grow during the forecast period as banks and customers are inclining toward ease and convenience for their day-to-day operations. The primary objective of RPA in the financial services sector is to assist organizations in accessing recurring financial services tasks. This technology helps banks and financial institutions to maximize their efficiency by reaching customers in real-time and taking advantage of incredible benefits of robots.
RPA-based financial service bots are able to control devices completely including clicking & activating programs, sending an email, and copying data from one financial system to another.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis:
Rise in focus on optimizing business costs and improving operational efficiency, shortage of skilled employees, and rapid rise in administration costs are some of the major factors that boost the RPA in financial services market growth. However, regulatory compliances and security concerns associated with crucial data hinder the market growth.
Furthermore, Growth in demand for RPA and increased awareness of AI in developing countries such as India, China, and Malaysia provides lucrative opportunities for the industry.
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The global robotic process automation in financial services market trends are as follows:
New product launches to flourish the market:
Various companies are focused on several product launches and enhancements to attract huge customer base. For instance, PINTEC developed Credit Value Maximizer (CVX), an automated credit process management tool in 2019. CVX enabled measuring credit related risks for many international financial institutions such as the National Australia Bank, Toyota Finance, and Judo Bank. Similarly, Kofax and ImageTech solutions, Inc. introduced a loan processing system in April 2020, in the U.S.
The solution provides financial institutions with cognitive capture, software robots and process orchestration capabilities to facilitate loan applications submitted during the COVID-19 relief aid. More number of such product launches are expected to create lucrative opportunities for the market growth.
Surge in use of RPA in financial services:
Most financial institutions have started adopting RPA tools in the fields of finance, insurance, and wealth management. These tools are widely used for key operating processes such as KYC, loan processing, transaction execution, account processing, auditing, customer relations, and human resources. For instance, a bank in Singapore, namely, OCBC adopted RPA to reduce time to re-price home loans from 45 minutes to just one minute. Recently, Pintec Technology Holdings Ltd., a leading independent FinTech solutions provider, launched an innovation center in Shanghai to promote adoption of RPA in financial institutions.
Key benefits of the report:
- This study presents the analytical depiction of the global robotic process automation (RPA) in financial services market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the market.