Robotic Process Automation: Growing Adoption In The BFSI Sector

The banking and financial industry has experienced rapid growth in recent years, driven by the integration of technological advancements that enable faster, more secure, and reliable services. To remain competitive, especially with the increasing adoption of virtual banking, firms are focusing on delivering an optimal user experience. This has fueled the adoption of robotic process automation (RPA) solutions.

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In the banking sector, RPA is used to automate time-consuming and repetitive tasks such as account opening, KYC processes, and customer service operations. Banks are also leveraging intelligent automation by incorporating AI technologies, such as machine learning and natural language processing (NLP). These enhancements allow RPA software to handle complex tasks, interpret human language, recognize emotions, and respond to real-time data. Furthermore, RPA aids in anti-money laundering investigations by utilizing an “if-then” approach to detect potential fraud. For example, if numerous transactions occur within a short timeframe, RPA can flag the account for review. The increasing need for improved agility, enhanced customer experience, and heightened fraud detection in the banking, financial services, and insurance (BFSI) sector is driving the growth of the RPA market.

Recent advancements in this area include:

• In April 2022, UiPath, Inc. launched its Automation as a Service on Finastra’s cloud platform, providing managed automation services to banks and financial institutions, combining automation with cloud-based security and compliance.
• In April 2020, Automation Anywhere, Inc. introduced AI-powered bots to help lending institutions manage thousands of small business loan applications under the U.S. coronavirus stimulus package.

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Growing Adoption of Advanced Technologies: Cloud, AI, and Machine Learning

Technological innovations like artificial intelligence (AI), machine learning (ML), and blockchain are transforming industries. In today’s interconnected world, businesses are striving to achieve greater business process automation (BPA) and enhance customer experiences, creating a demand for advanced automation technologies. The need to manage complex, unstructured information and automate business functions has driven the adoption of AI and cognitive technologies. These tools can monitor workflows, suggest optimal processes, and create self-regulating paths for businesses. By combining RPA with AI, companies can access unstructured data such as audio, video, and chat conversations, enabling end-to-end automation. This integration of RPA with AI and cloud capabilities significantly boosts business efficiency. Additionally, RPA solutions with advanced technologies offer benefits such as scalability, flexibility, accuracy, security, and cost savings, further driving market growth.

Recent developments in this space include:

• In October 2021, Automation Anywhere launched its AI-driven solution, Automation Anywhere for Contact Centers, designed to enhance customer service through cloud-native automation.
• In August 2020, OnviSource, Inc. introduced its Liaa TeleServ Intelligent Virtual Agent, offering fully automated teleservices with AI-powered conversational capabilities.
• In July 2020, IBM acquired WDG Automation, a leading RPA software provider, to enhance AI-infused automation capabilities for enterprises.

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Scope of the Report:

Robotic Process Automation Market, by Offering                         

• Software
• Hardware
  • Consulting Services
  • Implementation & Development Services
  • Training Services

Robotic Process Automation Market, by Type                               

• Attended RPA
• Unattended RPA
• Hybrid RPA

Robotic Process Automation Market, by Organization Size                        

• Large Enterprises
• Small & Medium-sized Enterprises

Robotic Process Automation Market, by Deployment Mode                        

• On-premise Deployment
• Cloud-based Deployment

Robotic Process Automation Market, by Application    

• Administration and Reporting
• Customer Account Management
• Employee Onboarding
• Data Validation
• Invoice Processing
• Data Migration and Capture Extraction
• Other Applications

Robotic Process Automation Market, by Sector

• BFSI
• IT & Telecommunications
• Retail
• Manufacturing
• Healthcare
• Transportation & Logistics
• Government & Public Sector
• Other Sectors

Robotic Process Automation Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Singapore
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Israel
  • Rest of the Middle East & Africa

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