DUBLIN--(BUSINESS WIRE)--The "Robotic Process Automation in Financial Services Market" report has been added to ResearchAndMarkets.com's offering.
Robotic process automation (RPA) in financial services helps to automate various front end and back end work across the financial sector. It further reduces the burden on the employees to perform repetitive task, meanwhile saving time & cost for the financial organization. In addition, RPA uses software robots to execute business processes using the same interfaces used by end consumers. It needs standardized financial processes, digital forms & workflows, and the right software integrations to ensure communication. With RPA, enterprises can automate finance tasks such as accounts reconciliation and financial statements with minimal human intervention.
RPA reduces customer onboarding time, since customer onboarding in banks is a long, drawn-out process, primarily due to several documents requiring manual verification. RPA helps in making the process much easier by capturing the data from the KYC documents using the optical character recognition technique (OCR), thereby reducing the manual task of employees.
In addition, with RPA, the otherwise cumbersome account opening process becomes much more straightforward, quicker, and accurate. Automation systematically eliminates the data transcription errors that existed between the core banking system and the new account opening requests, thereby enhancing the data quality of the overall system. Therefore, these factors are propelling the growth of RPA in financial services market.
However, process standardization and organizational misalignment are among the top limiting factors in implementing RPA in banking and finance. Integrating RPA solutions in an organization and enhancing a new distribution of roles & responsibilities, which is required to create an alignment between the teams involved are some of the major challenge of process standardization related to unstructured data and non-standardized processes that require human input. Therefore, this is a major limiting factor for the growth of the market.
On the contrary, some banks and financial institutions have already started implementing RPA in their operations, as they serve more opportunistic and point based solutions that are quick & easier to implement, as compared to large-scale transformations. If implemented properly, RPA services can be a transformative process for the banking sector by automating manual, repetitive, and time-consuming tasks. The result of automating such mundane tasks would be seen in the form of enhanced productivity, a sharp reduction in the error rate, and an impressive turnaround time. Therefore, this is expected to provide lucrative opportunities for the growth of the market in the coming years.
The global RPA in financial services market is segmented into component, deployment mode, enterprise size, application, end user and region. By component, it is bifurcated into solution and service. Depending on deployment mode, it is segregated into on-premise and cloud. Based on enterprise size, it is segregated into large enterprises and small and medium enterprise. By application, it is divided into customer account management, fraud prevention, reporting & invoice automation, account opening & KYC, and others. On the basis of end user, the market is divided into banks, insurance companies, credit unions, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits
- The study provides in-depth analysis of the global market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the market size are provided in the report.
- Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global robotic process automation (RPA) in financial services market from 2021 to 2030 is provided to determine the market potential
Market Dynamics
Drivers
- Easier loan processing owing to RPA
- Adoption of RPA by banks for various financial processes
- Better customer services through RPA in financial market
Restraints
- Resistance by employees
- Regular maintenance of the system
Opportunities
- Technological advancement in automation processes
- Increasing use of RPA for customer onboarding
- Faster card processing by RPA
Key Market Segments
By Component
- Solution
- Service
By Deployment Mode
- On-premise
- Cloud
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprise
By Application
- Customer Account Management
- Fraud Prevention
- Reporting & Invoice Automation
- Account Opening & KYC
- Other
By End User
- Banks
- Credit Unions
- Non-Banking Financial Companies (NBFC)
- Other
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Players
- Antworks
- Automation Anywhere Inc.
- Atos SE
- Blue Prism Limited
- IBM
- Kofax Inc.
- NICE SYSTEMS
- Protiviti Inc.
- UiPath
- WorkFusion, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/gyk72
