RPA will face challenges for knowledge based process but will prosper in the end
Robotic process automation becoming more and more popular in the Tech space, software process based industries and is therefore helps business to choose efficient process to achieve business outcome with low cost, able to drive business stability from its conventional business process. A new report published that Robotic Process Automation Market size is projected to reach USD 2,467.0 million by 2022, growing at a CAGR of 30.14%. Rule-based robotic process automation held a larger market share during the forecast period which is led by North America and followed by Asia Pacific region.
The report was also suggesting that major limits of the robotic process automation are risk of handling data security which directly impacts the implementation in financial domain, and the reduced potential of robotic process automation for knowledge-based business processes. On the other hand, BFSI industry will witness to face high adoption due to the high degree of flexibility and scalability of the solution, and greater requirement for data processing and workflow management. Hence the RPA companies which provides highest risk management solution for Data security and knowledge based process will have the opportunity to be a market leader in the BFSI industry.
John Cryan, CEO of Deutsche Bank, acknowledged in one of the meet that the vital role technology will play in the immediate future, as banking providers strive to reduce costs and improve efficiency while also delivering the elegant experience to customers.
The stance that banks like Deutsche, ANZ and BNY take towards AI and automation is bolstered by cold hard facts and the harsh realities of managing the bottom line. It was inferred from an article published “The Financial Brand” that according to a report from Citibank, the banking industry spends $270 billion — 10% of all operating costs — simply on compliance and regulation, and on top of that Bank spends more and more on FTE to monitor, tackle oversight issues and bring diligence.
In one of the Newsreport from PRNewswire it was studied that BFSI domain held the largest share of the robotic process automation market among all the industries in 2016 and they continue to do so in the future. In the BFSI space, multiple systems are linked to each other by interfaces to enable the flow of transaction-related data. Most of the efforts from FTE are trapped in the interface issues. Robotic process automation can control and monitors these interfaces to ensure seamless execution of transactions and fill data gaps. Robotic process automation improves the accuracy and efficiency of different processes in the BFSI industry. These solutions also help in regulatory reporting and balance sheet reconciliation by collating data from multiple systems and conducting a host of validation checks to prepare information for a detailed analysis.
Except the data security and the lower potential of using RPAs in knowledge-based processes, Robotic Process Automation holds a strong propelled market growth.