According to those who have deployed Robotic Process Automation (RPA), robots might potentially fill 52% of full-time equivalent positions. As a result, the human workforce may be reassigned to tasks that bring more value to the business according to the Deloitte Global RPA Survey.
Robotic Process Automation, to put it briefly, is using computer software to complete routine operations more quickly and correctly than a human could. Hence, as RPA adoption rates rose from 12% in 2019 to 20% in 2021 a large number of enterprises gradually embraced the technology's distinctiveness. By 2025, it is anticipated that the robotic process automation sector will produce a total of about $22.5 billion. Without a doubt, the use of RPA has helped firms grow their output and throughput while cutting down on turn times. Robots are similar to humans in that they can read databases, open emails and attachments, and follow "if/then" reasoning.
Automation, on the other hand, does not seek to replace humans with either machines or the other way around. Instead, it aims to foster human intellect and innovation. A BOT costs about one-third of what an equivalent employee would. These BOTs operate continuously, require little supervision, take no breaks, and are able to process enormous volumes of data quickly while maintaining their attention and committing no errors. Robots that perform robotic process automation (RPA) are ideal for handling numerous repetitive tasks automatically. As a result, workers have more time to focus on tasks that are more rewarding, like building solid relationships with customers, using data analysis to gain a competitive edge, or creating novel financial products.
According to the most recent forecast from Gartner, the market for robotic process automation (RPA) software will generate $2.9 billion this year, an increase of 19.5% from 2021. The market for RPA software is expected to continue growing by double digits in 2023, increasing 17.5% annually, though more slowly than in previous years. In fact, Gartner predicts that until 2024, organizations will adopt at least three of the 20 categories of software that are process-agnostic and enable hyper-automation. This is because the drive to achieve hyper-automation will force it.
The most popular RPA tools nowadays are Blue Prism, Automation Anywhere (AA), and UiPath. They are thought to be the main participants in the RPA sector. If you are a small firm or a student researching RPA, AA and UiPath both provide community versions that you can use for free.
The Role of RPA in the Financial Industry
Numerous back-office procedures that used to be labour-intensive for bank employees have been greatly simplified through robotic process automation. Banks have successfully reduced human involvement by substituting machines for manual and laborious tasks. As technology continues to advance at a rapid rate, financial institutions all over the world are aiming to boost productivity, reduce expenses, and improve efficiency. Automation has been a major factor in this shift, and in recent years, RPA has been crucial to job execution in financial institutions. Additionally, RPA is used in the current banking environment to automate a variety of tasks like automatic report generating, anti-money laundering, mortgage lending, and credit card processing. RPA is also a cost-effective solution that, by offering convenient performance, helps banks improve efficiency and save time. Furthermore, it assists in removing human error, allowing banks to have data that is more precise and accurate. RPA can monitor statutory updates and modifications and swiftly incorporate the results into financial institutions' anti-money laundering strategies. Furthermore, the ongoing process of compiling and analyzing data from internal and external sources helps the relationship manager maintain control over their client portfolio while being compliant. As a result, banks have embraced RPA technology to increase their productivity by automating labour. Consequently, the RPA in financial services is being fueled by banks' implementation of RPA for various financial activities.