Robotic Process Automation (RPA) in Financial Services Market 2027 – The Courier
The robotic process automation (RPA) market for financial services is growing as a result and is expected to grow over the forecast period as banks and customers tend to make their daily operations simpler and more convenient. The main goal of RPA in the financial services sector is to help organizations access recurring financial services tasks. This technology helps banks and financial institutions to maximize their efficiency by reaching customers in real time and taking advantage of the incredible advantages of robots. RPA-based financial services bots have complete control over devices, including clicking and activating programs, sending an email, and copying data from one financial system to another.
North America (US and Canada), Europe (Germany, UK, France and the rest of Europe), Asia Pacific (China, Japan, India and the rest of Asia Pacific), Latin America (Brazil, Mexico and the rest of Europe) LATAM ) and Middle East and Africa
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The main players analyzed include Kofax Inc., UiPath, Inc., Blue Prism®, Pegasystems Inc., Automation Anywhere, Inc., EdgeVerve Systems Limited, PINTEC, Softomotive Ltd., Redwood Software Ltd., WorkFU.S.ion, Inc .
COVID-19 scenario analysis
- Due to widespread lockdowns, physical branches and stores are gradually closing when businesses are affected.
- As a result, the production and sale of robotic automation is reduced. Digital banking and self-service are extremely important for business continuity.
- However, many banks have used customer-facing bots, including chat bots, to help customers open their account inquiries globally.
- The use of RPAs in the financial sector should be lucrative for the industry.
Most important factors: market scenario analysis, trends, drivers and impact analysis:
The increasing focus on optimizing business costs and improving operational efficiency, the shortage of skilled workers, and the rapid rise in administrative costs are some of the main drivers driving RPA in the growth of the financial services market. However, regulatory compliance and security concerns related to critical data are hindering market growth.
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New product launches to help the market flourish
Different companies focus on different product launches and improvements to attract a huge customer base. In 2019, PINTEC developed the Credit Value Maximizer (CVX), an automated tool for managing credit processes. CVX has measured credit-related risks for many international financial institutions such as National Australia Bank, Toyota Finance and Judo Bank. Similarly, Kofax and ImageTech solutions, Inc. launched a loan processing system in the United States in April 2020. The solution provides financial institutions with cognitive capture, software robotics, and process orchestration capabilities to facilitate loan applications submitted during the COVID-19 relief effort. A greater number of such product launches are expected to create lucrative opportunities for market growth.
Increase in the use of RPA in financial services:
Most financial institutions have started adopting RPA tools in finance, insurance, and wealth management. These tools are widely used for key operational processes such as KYC, loan processing, transaction execution, account processing, auditing, customer relations, and human resources. For example, a Singapore bank, OCBC, introduced RPA to cut the time it takes to revalue home loans from 45 minutes to just one minute. Recently, Pintec Technology Holdings Ltd., a leading independent FinTech solutions provider, opened an innovation center in Shanghai to promote the adoption of RPA in financial institutions.
Main advantages of the report:
- This study presents the analytical representation of global robotic process automation (RPA) in the financial services market, along with the current trends and future estimates to determine the investment pockets ahead.
- The report provides information on key drivers, restraints and opportunities, along with detailed analysis of market share.
- The current market will be analyzed quantitatively from 2020-2027 to highlight the market growth scenario.
- Porter’s Five Forces Analysis shows the potency of buyers and suppliers in the market.
- The report provides detailed market analysis on the basis of the present and future intensity of competition in the market.
- Who are the leading players in the global robotic process automation (RPA) market in the financial services market?
- What detailed effects would COVID-19 have on global robotic process automation (RPA) in the financial services market?
- Which current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in global robotic process automation (RPA) in the financial services market?
- What prognoses for the future would help to take further strategic steps?
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