Robotic Process Automation in BFSI Market Primary Research Report to 2025
The global robotic process automation in BFSI market size is expected to reach USD 1,123.0 million by 2025, and it is anticipated to grow at CAGR of 31.3% from 2019 to 2025, according to a new report by Grand View Research, Inc. The introduction of Digital 2.0 is driving digital transformation in the banking and financial services sector. Some of the key technologies used in the banking, financial services and insurance (BFSI) sector include Artificial Intelligence (AI) & machine learning, robotic process automation, blockchain, Internet of Things (IoT), and open banking platforms. The growing need to provide enhanced user experience and meet the needs & expectations of customers is leading to a surge in digital banking.
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Banking and financial services are highly competitive markets. The BFSI sector requires documents for various banking processes, along with numerous legacy systems for paperwork. For instance, though loan applications can be processed online, supplementary documents and other pieces of information still require manual intervention. In such cases, robotic process automation bots can work across different legacy systems to retrieve information available on digital platforms. These automation solutions cater to two distinct categories; attended & unattended robotic process automation (RPA). The attended RPA is useful in automation of tasks that require human intervention, such as front-end tasks. On the contrary, the unattended RPA performs repetitive and deterministic functions in the back end. Robotic process automation has potentially benefited the banking sector by expediting individual case handling processes and meeting regulatory compliances. In the insurance sector, RPA has enabled a reduction in time spent on inbound calls by digitizing the process, thereby optimizing the turnarounds. The financial industry handles a large number of complex manual processes and often faces issues owing to human error. In such scenarios, robotic process automation has enabled organizations to eliminate manual errors while improving the overall process quality.
The banking sector is one of the largest consumers of IT services and products. Various industries across the globe have been influenced by digital transformation. The banking sector has also increased its IT spending significantly over the past few years. Although the level of investment has increased, where new services and products are being introduced continuously to automate banking processes, there is still a considerable amount of repetitive and manual work that continues to drive down productivity. Robotic process automation offers flexibility, is easy to implement, and has a shorter payback period. These advantages make it a better alternative as compared to traditional IT solutions. However, there is no standard RPA solution available to address the needs of every sector. Companies experiment with the potential of these solutions and optimize robotic process automation accordingly to gain a competitive edge.
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Further key findings from the report suggest:
• The robotic process automation in BFSI market was valued at USD 167.1 million in 2018 and is projected to register a CAGR of 31.3% over the forecast period
• The services segment dominated the market in 2018 owing to the fact that RPA services are enabling a seamless transition from legacy systems
• The training services segment is anticipated to register the highest CAGR over the forecast period
• North America region dominated the market in 2018 with over 44% of the overall market share
• The prominent market players include Blue Prism; Automation Anywhere Inc.; Kofax Inc.; and Kryon Systems, among other
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