The banking and financial industry is seen to be growing exponentially over the past few years with the implementation of technological advancements resulting in faster, more secure, and reliable services. To remain competitive in the market, especially with the more widespread adoption of virtual banking, banking firms are finding a way to deliver the best possible user experience to their customers, which is driving the adoption of robotic process automation solutions.
Robotic process automation in the banking industry is leveraged to automate multiple time-consuming, repetitive processes like account opening, KYC process, customer services, and many others. Also, banks implement intelligent automation by adding AI technologies, such as machine learning and natural language processing capabilities. This enables robotic process automation software to handle complex processes, understand human language, recognize emotions, and adapt to real-time data. In addition, robotic process automation in finance further helps in anti-money laundering investigations by deploying an “if-then” method to spot potential fraud. For instance, if many transactions were made in a short period, RPA can flag the account as a potential threat and report it to the concerned department. Thus, the surging need for improving the agility of work and customer experience and the rising demand for fraud detection in the BFSI sector drive the growth of the robotic process automation market.
Some of the recent developments in this space are as follows:
- In April 2022, UiPath, Inc. (U.S.) launched its Automation as a Service offering on the Finastra cloud, designed to provide a managed service model for automation to Finastra’s, a leading financial services software provider, thousands of banks, credit unions, and financial institution customers. With the new offering, UiPath can design, install, deploy, run, and maintain automated processes to enable the banking sector to leverage the power of automation along with the security and compliance of cloud-based infrastructure from Finastra.
- In April 2020, Automation Anywhere, Inc. (U.S.) launched its AI-powered bots to help lending institutions automate thousands of loan applications for small businesses under the $2.2 trillion U.S. coronavirus stimulus package.
GROWING ADOPTION OF ADVANCED TECHNOLOGIES SUCH AS CLOUD, AI, AND MACHINE LEARNING
Technological advances, such as artificial intelligence (AI), machine learning (ML), and blockchain, are transforming industries. In Today’s modern connected world, enterprises are working vigorously to achieve greater business process automation (BPA) and provide state-of-the-art customer experiences. This has generated the need to leverage several advanced automation technologies to automate all the connected business processes. Also, the growing demand for handling complex unstructured information and automating business functionality is driving the need for advanced technologies. Several organizations are combining artificial intelligence and cognitive technologies with automation to extend the horizons of business processes. These tools automatically observe work activities, recognize optimal workflows, and suggest a self-regulatory path for businesses. Also, RPA combined with artificial intelligence provides access to unstructured information such as audio, video, and human chat conversation to make end-to-end automation possible. Thus, RPA systems embedded with AI and cloud capabilities enhance business efficiency exponentially. In addition, the benefits offered by robotic process automation with advanced technologies, such as scalability & flexibility, accuracy & quality, security, efficiency, and saving cost, drive the growth of the market.
Some of the recent developments in this space are as follows:
- In October 2021, Automation Anywhere, Inc. (U.S.) launched its Automation Anywhere for Contact Centers, a cloud-native, AI-driven automation solution that empowers enterprises to deliver better customer service faster.
- In August 2020, OnviSource, Inc (U.S.) launched its Liaa TeleServ Intelligent Virtual Agent solutions that deliver fully automated Teleservices applications and Telephone Answering Service (TAS) and offers customer-friendly interactions using either standard touchtone or Conversational AI driven by Artificial Intelligence technologies.
- In July 2020, IBM Corporation (U.S.) acquired WDG Soluções Em Sistemas E Automação De Processos LTDA (Brazil), a leading software provider of robotic process automation, to advance AI-infused automation capabilities for enterprises.
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