RPA in Financial Services Market Growth Analysis 2030

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Robotic Process Automation (RPA) in Financial Services Market

“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

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Robotic Process Automation (RPA) in Financial Services Market

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.

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.

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Robotic Process Automation (RPA) in Financial Services Market

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.

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Robotic Process Automation (RPA) in Financial Services Market Key Findings Of The Study •By application, the customer account management segment led the RPA in financial services market share in terms of revenue in 2020.

•By end user, the banks segment accounted for the highest market share in 2020.

•By region, North America generated the highest revenue in 2020.

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Robotic Process Automation (RPA) in Financial Services Market

Major Companies: 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 Contact: David Correa 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States Toll Free (USA/Canada): +1-800-792-5285, +1503-894-6022 UK: +44-845-528-1300 Hong Kong: +852-30184916 India (Pune): +91-2066346060 Fax: +1⟨855⟩550-5975 help@alliedmarketresearch. com

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