Home / / RPA revenues to reach $1.2bn by 2023

RPA revenues to reach $1.2bn by 2023

Juniper Research expects 400% growth in RPA revenues in banking & finance

RPA revenues to reach $1.2bn by 2023
Revenues from RPA in banking and finance are expected to reach $1.2bn by 2023.

Revenues from Robotic Process Automation in banking and financial services, will grow by an estimated 400%, from $200m in 2018 to $1.2bn in 2023, according to Juniper Research.

Juniper's new research, Banking Automation & Roboadvisors: Vendor Positioning, Strategies & Forecasts 2019-2023, found that when combined with Artificial Intelligence (AI), RPA can considerably lower compliance costs, raise productivity, and improve customer experience.

The research claimed that Financial Institutions (FIs) are still at early stages of RPA implementation and many solutions are under-performing. This is mostly due to the challenges surrounding unorganised and non-textual data, job processes that are hard to summarise and catalogue, and a lack of pre- and post-implementation strategies.

Juniper found that FIs must invest in the formalisation of processes, solutions that are able to understand the large range of unstructured data, and consider RPA as a strategic action in order to see benefits.

Juniper predicts that automated investment opportunities via roboadvisors will reach $4.2 trillion AUM (assets under management) by 2023; growing at over 60% per year. Presently, incumbent banks are seeking to provide low-cost investment options while pure-play roboadvisor companies are being pressured to offer human advice.
Juniper found that hybrid solutions remain the customers' favoured option, and therefore suggests that partnerships between incumbent banks and pure-play roboadvisors should be sought after in order to provide optimal service.

Follow us to get the most comprehensive technology news in UAE delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

CHANNEL AWARD 2018