Automation in Banking Will Generate $900 Million Revenues by 2022
New data from Juniper Research has found that banking RPA (robotic process automation) software and services revenue will reach close to $900 million by 2022. Juniper expects the market value, estimated at $214 million in 2018, to expand over four times by 2022.
RPA was traditionally limited to replicating simple or repetitive tasks that require high accuracy, such as data entry. The market currently represents a ‘perfect storm’ created by the convergence of chatbots, AI-driven RPA software and banks’ digital transformation strategies. The research found that this has created renewed interest in RPA for financial services, driving market spend.
Juniper’s new research found 5 vendors that are currently leading the market in delivering advanced cognitive, or intelligent RPA solutions are IP Soft, Antworks, Pegasystems, Wipro and Workfusion. The study highlighted IP Soft and Antworks in particular for their impressive integration of AI into their RPA solutions, using both knowledge-based and pattern-recognition AI to generate dynamic process execution.
The research found that where AI is combined with automation tools, the potential for RPA in the banking industry is far-reaching. Use cases include compliance, digital on-boarding, and personalised cross- or upsell opportunities.
Juniper predicts that banking and financial services will represent 34% of the global RPA market by 2022, with regulatory burdens and a desire to reduce offshore outsourcing cited as key drivers. This estimate is supported by Juniper’s RPA cost analysis, which revealed implementation cost-savings of up to 40% over a baseline ‘do nothing’ scenario.