New data from Juniper Research has found that banking robotic process automation (RPA) software and services revenue will reach close to $900 million by 2022. The market value, estimated at $214 million in 2018, is expected to expand over four times by 2022.

Robotic process automation in banking 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 software and banks’ digital transformation strategies. The research found that this has created renewed interest in RPA for financial services, driving market spend.

Leading 5 robotic process automation vendors

According to Juniper’s new research, Banking Automation & Roboadvisors: Cost Analyses, Impacts & Opportunities 2018-2022, the following five vendors are currently leading the market in delivering advanced cognitive, or intelligent RPA solutions:

  1. IP Soft
  2. Antworks
  3. Pegasystems
  4. Wipro
  5. Workfusion

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.

A strong business case for automation

The study 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% of the global robotic process automation 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% over a baseline ‘do nothing’ scenario.

“Intelligent robotic process automation makes for a compelling case, in terms of flexibility as well as efficiency,” says research author Steffen Sorrell. “Incumbents who are unable to harness, and connect data between chatbots, banking API use and AI-driven software will soon lose any competitive edge.”