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, according to Juniper.
The research found that this has created renewed interest in RPA for financial services, driving market spend.
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Juniper’s new research, Banking Automation & Roboadvisors: Cost Analyses, Impacts & Opportunities 2018-2022, found that the following five vendors are currently leading the market in delivering advanced cognitive, or intelligent RPA solutions:
- IP Soft
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 also 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 per cent 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 per cent over a baseline ‘do nothing’ scenario.
“Intelligent RPA makes for a compelling case, in terms of flexibility as well as efficiency,” said research author Steffen Sorrell.
“Incumbents who are unable to harness, and connect data between chatbots, banking API use and AI-driven RPA software will soon lose any competitive edge.”