Robotic Process Automation (RPA) is progressively transforming the back-office activities with data entry, on-boarding processes, among others. RPA, mainly, designed to work as rule-based operations, however, with the incursion of Artificial Intelligence and Machine Learning, the RPA bots are enabled with decision-making capabilities with knowledge-based programming. According to market research reports, the global market for RPA in Financial Services is expected to grow at a CAGR of 24.5 percent, from USD 319.6 million in 2018 to USD 955.2 million by 2023.
The financial services consist of consulting, implementation, and training and education, where the consulting segment is anticipated to grow at the highest CAGR throughout the projected timeframe. The RPA market is at a nascent stage and is expected to grow with more understanding of the software features and currently cost-effectiveness of the software among industries advancing the consulting market of RPA. RPA software demonstrates huge potential for growth; however, the adoption rate across industries is slow but is predicted to gain market with more success of the software for different functions at the enterprise level. In North America, the adoption rate of RPA in Financial Services is the highest, due to strong economic conditions in the region and the presence of many large banks across the US. Robotic process automation has capabilities to handle high-volume and repeatable tasks that previously required humans to perform, including queries, calculations, and maintenance of records and transactions.
The technology can assist organizations on their digital transformation journeys by allowing superior customer service, ensuring business operations and processes meet the criteria with rules and standards, enabling procedures to be completed much more rapidly, offering improved efficiency by digitizing and auditing process data, creating cost savings for manual and repetitive tasks, and enabling workforce to be more productive.