Report Code : A06933
Rising operating expenses which are compounded by regulatory fines result in a poor customer experience. Therefore, RPA provides better ways to manage compliance, while cutting down the financial operational expenses.
Pramod Borasi
Research Analyst, BFSI at Allied Market Research
According to a recent report published by Allied Market Research, titled, “Robotic Process Automation (RPA) in Financial Services Market by Component, Deployment Mode, Enterprise Size, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030,” the global robotic process automation (RPA) in financial services market size was valued at $0.34 billion in 2021, and is projected to reach $4.88 billion by 2030, growing at a CAGR of 30.9% from 2021 to 2030.
Banking and financial institutions have always been known for their lengthy, manual processes affecting the overall productivity and customer satisfaction levels negatively. Implementing RPA in the banking industry gives an excellent opportunity to automate some of the critical banking tasks. One of the time-consuming processes at banks is credit card applications, which take several days for validating the customer information before approving the credit card. RPA, on the other hand, can help make quick decisions to approve/disapprove the application with a rule-based approach.
Similar to any other industry, cost-saving is critical to the financial industry and banks & financial institutions are looking at saving around 25-50% of processing time and cost by implementing RPA. Moreover, with RPA tools providing a drag and drop technology to automate banking processes, it becomes easier to implement & maintain automation workflows without any (or minimal) coding requirements. Therefore, these are key factors that boost the global robotic process automation (RPA) in financial services market growth. However, resistance to adoption of RPA is one of the top challenge stopping financial organization from embracing RPA. The shift in mindset and change management are the primary goals embracing technological advancements in the market. However, the automation strategy cannot be properly and effectively executed without implementing organizational change management as a part of the holistic approach towards technology acceptance. Therefore, these factors restrict the RPA in financial services market growth.
Conversely, adopting RPA brings invaluable benefits and competitive advantages for the banks and financial firms operating in the digital economy. RPA has the potential to accelerate and streamline business processes and scale up the organization business output with case study. Therefore, these factors are expected to create an immense opportunity for the robotic process automation (RPA) in financial services market players in the coming years.
On the basis of application, the customer account management segment dominated the market during the forecast period. This is attributed to significant cost and operations management benefits provided by RPA, business processes are projected to undergo a significant transition in the near future.
Region wise, the global market is being dominated by North America in 2021, and is expected to maintain this robotic process automation (RPA) in financial services market trends during the forecast period. Attributed to automation tools such as RPA has become the fastest growing software packages in this time of pandemic in the region. Furthermore, finance and accounting (F&A) profession is hounded by several challenges such as difficult and time-consuming processes, back-office inefficiencies causing inaccuracies, employees spending too much time on repetitive tasks, and wide variety of applications in use. Hence, RPA has the potential to automate the routine and repetitive tasks in the F&A function so that the employees and professional can focus on high value-adding functions such as advisory, strategy, and project management functions.
The robotic process automation (RPA) in financial services market growth has been positively impacted by the COVID-19 outbreak. This is attributed to the fact that financial organizations are increasingly implementing RPA for automating the manual tasks that was usually undertaken by the employees. Since, the lockdown forced employees to work from home, RPA helped financial firms to carry on their operations and further speed up the task thereby reducing time and effort of employees meanwhile reducing the cost of implementation. Therefore, COVID-19 had a positive impact on the robotic process automation (RPA) in financial services market growth.
Key findings of the Study
The key players profiled in the robotic process automation (RPA) in financial services market analysis are Antworks, Automation Anywhere Inc., Atos SE, Blue Prism Limited, IBM, Kofax Inc., NICE SYSTEMS, Protiviti Inc., UiPath, and WorkFusion, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the robotic process automation (RPA) in financial services industry.
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Robotic Process Automation (RPA) in Financial Services Market by Component (Solution and Service), Deployment Mode (On-premise and Cloud), Enterprise Size (Large Enterprises and Small- & Medium-sized Enterprise) Application (Customer Account Management, Fraud Prevention, Reporting & Invoice Automation, Account Opening & KYC, and Others), and End User (Banks, Insurance Companies, Credit Unions, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030
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