RPA and hyperautomation helps financial institutions to deal with the pressure of doing manual work by reducing costs, increasing productivity, enabling a better customer experience, and ensuring regulatory compliance. It further reduces the burden on the employees to perform repetitive task, meanwhile saving time and cost for the financial organization. In addition, RPA uses software robots to execute business processes using the same interfaces people use. It needs standardized financial processes, digital forms and workflows, and the right software integrations to ensure communication.
Growth in digital banking services and surge in use of mobile phones and internet penetration drive the growth of the market. Moreover, banks are moving toward digital channels to provide their services. This is fueling the growth of the RPA and hyperautomation in banking market. In addition, rapid development in the automation of banking industry and surge in use of technologies in banking industry is driving the growth of the market. Hyperautomation improves employee productivity and reduces operational costs. However, the market growth is hampered by the security concerns regarding the privacy of the customers and security concerns due to the extensive flow of customer data and process standardization and organizational difficulties for implementing RPA. On the contrary, technological advancement in the field of banking such as blockchain and artificial intelligence is fueling the growth of the RPA and hyperautomation in banking market.
The RPA and hyperautomation in banking market is segmented on the basis of component, deployment mode and application. By component, it is classified into solution and services. By deployment mode, it is bifurcated into on-premise and cloud. By organization size, it is segregated into large enterprises and small and medium-sized enterprises. By application, it is segmented into customer account management, fraud prevention, report and invoice automation, account opening and KYC, auditing and compliance chatbots and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the RPA and hyperautomation in banking market such as AntWorks, Aspire Systems, Atos SE, Automation Anywhere, Inc., Blue Prism Limited, eccenca GmbH, IBM, Itrex Group, Protiviti Inc. and UiPath. These players have adopted various strategies to increase their market penetration and strengthen their position in the RPA and hyperautomation in banking market share.
Growth in digital banking services and surge in use of mobile phones and internet penetration drive the growth of the market. Moreover, banks are moving toward digital channels to provide their services. This is fueling the growth of the RPA and hyperautomation in banking market. In addition, rapid development in the automation of banking industry and surge in use of technologies in banking industry is driving the growth of the market. Hyperautomation improves employee productivity and reduces operational costs. However, the market growth is hampered by the security concerns regarding the privacy of the customers and security concerns due to the extensive flow of customer data and process standardization and organizational difficulties for implementing RPA. On the contrary, technological advancement in the field of banking such as blockchain and artificial intelligence is fueling the growth of the RPA and hyperautomation in banking market.
The RPA and hyperautomation in banking market is segmented on the basis of component, deployment mode and application. By component, it is classified into solution and services. By deployment mode, it is bifurcated into on-premise and cloud. By organization size, it is segregated into large enterprises and small and medium-sized enterprises. By application, it is segmented into customer account management, fraud prevention, report and invoice automation, account opening and KYC, auditing and compliance chatbots and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the RPA and hyperautomation in banking market such as AntWorks, Aspire Systems, Atos SE, Automation Anywhere, Inc., Blue Prism Limited, eccenca GmbH, IBM, Itrex Group, Protiviti Inc. and UiPath. These players have adopted various strategies to increase their market penetration and strengthen their position in the RPA and hyperautomation in banking market share.
Key Benefits For Stakeholders
- The study provides in-depth analysis of the global RPA and hyperautomation in banking market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global RPA and hyperautomation in banking market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global RPA and hyperautomation in banking market from 2022 to 2031 is provided to determine the market potential.
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Key Market Segments
By Component
- Solution
- Services
By Deployment Mode
- On-Premise
- Cloud
By Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises
By Application
- Customer Account Management
- Fraud Prevention
- Report and Invoice Automation
- Account Opening and KYC
- Auditing and Compliance
- Chatbots
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Automation Anywhere, Inc.
- Protiviti Inc.
- itrex group
- eccenca GmbH
- Atos SE
- Blue Prism Limited
- UiPath
- Antworks
- Aspire Systems
- IBM
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: RPA AND HYPERAUTOMATION IN BANKING MARKET, BY COMPONENT
CHAPTER 5: RPA AND HYPERAUTOMATION IN BANKING MARKET, BY DEPLOYMENT MODE
CHAPTER 6: RPA AND HYPERAUTOMATION IN BANKING MARKET, BY ORGANIZATION SIZE
CHAPTER 7: RPA AND HYPERAUTOMATION IN BANKING MARKET, BY APPLICATION
CHAPTER 8: RPA AND HYPERAUTOMATION IN BANKING MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, 'RPA and Hyperautomation in Banking Market By Component (Solution, Services), By Deployment Mode (On-Premise, Cloud), By Organization Size (Large Enterprises, Small And Medium-Sized Enterprises), By Application (Customer Account Management, Fraud Prevention, Report And Invoice Automation, Account Opening And KYC, Auditing And Compliance, Chatbots, Others): Global Opportunity Analysis And Industry Forecast, 2022-2031". The RPA and hyperautomation in banking market was valued at $745.44 million in 2021, and is estimated to reach $7.1 billion by 2031, growing at a CAGR of 25.7% from 2022 to 2031.Implementing RPA and hyperautomation 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 typically 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. Moreover, adopting RPA and hyperautomation brings valuable benefits and competitive advantages for the banks operating in the digital economy. Therefore, these are some of the major RPA and hyperautomation in banking market trends.
The banking industry is facing a number of challenges, including increased competition, regulatory pressure, and the need to improve efficiency and reduce costs. To address these challenges, many banks are turning to Robotic Process Automation (RPA) and hyper automation technologies. RPA is a type of software that allows organizations to automate repetitive, rule-based tasks. This can include tasks such as data entry, account reconciliation, and compliance checks. RPA can be used to automate tasks across a wide range of functions, including finance, accounting, human resources, and customer service. The use of RPA in the banking industry can help banks to improve efficiency, reduce costs, and increase their ability to comply with regulatory requirements. Hyper automation is the next step beyond RPA, it refers to the combination of multiple automation tools and technologies to automate end-to-end business processes. This can include RPA, Artificial Intelligence, Machine Learning, Natural Language Processing, and others. Hyper automation can help banks to improve their decision-making capabilities, enhance customer service, and increase their ability to adapt to changing market conditions. One of the major trends in the banking industry is the increasing adoption of cognitive automation, which is the use of AI-based solutions to automate tasks that involve decision making.
This can include tasks such as fraud detection, credit risk analysis, and customer service. Cognitive automation can help banks to improve the accuracy of their decision making, reduce the number of false positives, and increase the speed of decision making. Another trend is the use of natural language processing (NLP) in banking, which enables banks to understand and respond to customer queries in a more natural and efficient way. NLP can also be used to automate tasks such as document processing, which can help banks to reduce the time and costs associated with manual data entry. In conclusion, RPA and Hyper Automation are becoming increasingly popular in the banking industry as they can help banks to improve efficiency, reduce costs, and increase their ability to comply with regulatory requirements, and also with the use of AI and NLP, it can enhance decision-making capabilities and improve customer service. The market trends indicate that the adoption of RPA and hyper automation in banking will continue to grow in the coming years.
Furthermore, major market players are undertaking various strategies to increase the competition and offer enhanced services to their customers. For instance, In August 2021, Infostretch has collaborated with Automation Anywhere, a global leader in cloud robotic process automation (RPA), to enable customers to achieve higher levels of automation. The alliance brings together Infostretch’s proven expertise in implementing automation for enterprises with Automation Anywhere’s powerful end-to-end intelligent automation platform, Automation 360, helping customers reduce costs and improve efficiency across their organizations. Which provided a strategic advantage to the company and RPA and hyperautomation in banking market size.
On the basis of deployment mode, the on-premise segment attained the highest growth in 2021. This is attributed to the fact that the on-premise deployment mode is considered widely useful in large banks and institutions, as it involves a significant investment to implement, and organizations need to purchase interconnected servers as well as software to manage the system.
On the basis of region, North America attained the highest growth in 2021. This is attributed to the RPA and hyperautomation banking has been adopted by the majority of banks and financial institutions in the U.S. as a result of increased financial services efficacy, decreased costs & complexity, and consumer acceptance.
COVID-19 had a positive impact on the RPA and hyperautomation in banking market. Rapid adoption of digitalization in the banking sector during the pandemic helped to grow the RPA and hyperautomation in banking industry. Moreover, to improve the security features in the banking platform, many banks adopted machine learning to predict fraud even before it happens. In addition, AI in banking solutions possesses extreme capabilities to reduce account opening time and operational costs. Furthermore, in the approaching years, it is anticipated that this aspect will present the RPA and hyperautomation in banking growth with numerous, very lucrative prospects.
Key findings of the study
By component, the solution segment accounted for the highest RPA and hyperautomation in banking market growth in 2021
By organization size, the large enterprises segment led the RPA and hyperautomation in banking market analysis in terms of revenue in 2021.By application, the customer account management segment accounted for the highest RPA and hyperautomation in banking market share in 2021.
By region, North America segment accounted for the highest RPA and hyperautomation in banking market share in 2021.
The report analyzes the profiles of key players operating in the RPA and hyperautomation in banking market such as AntWorks, Aspire Systems, Atos SE, Automation Anywhere, Inc., Blue Prism Limited, eccenca GmbH, IBM, Itrex Group, Protiviti Inc. and UiPath. These players have adopted various strategies to increase their market penetration and strengthen their position in the RPA and hyperautomation in banking market.
Companies Mentioned
- Automation Anywhere, Inc.
- Protiviti Inc.
- itrex group
- eccenca GmbH
- Atos SE
- Blue Prism Limited
- UiPath
- Antworks
- Aspire Systems
- IBM
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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