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RPA in banking and financial sector executes the process faster, error free and secure.With the implementation of technological advancements like robotic process automation, Banking and Finance sector seems to have an exponential growth in terms of faster, secure & reliable process.There are various use cases where implementing RPA can benefit the banking and finance service industry.
RPA implementation in banking helps in the following areas:Credit Card ProcessingMortgage Loan processingFraud DetectionKYC processReport Automation ProcessingAccount Closure Process
Artificial Intelligence is basically a set of processes which executes on itself without any human intervention, whereas automation refers to some instructions that are fed to a machine to execute recurring processes.
The major reason behind both these complementary technologies referred to as one is because, both these operate with one major goal- reduce unnecessary human intervention, create value and boost the efficiency of tasks!
To keep matters simple, let us see a practical implementation of both AI and automation that would get you an idea of why they go well with each other.
The experts at leading AI and automation firms like Synlogics help you come up with unique approaches and ideas that would create an enduring value for your respective firm.
A robot would do all the tasks based on rules mapped and fed on in repetition, with a greater speed and uniformity than humans and you don’t have to invest an added cost to get them trained.
Robots require information in the structured format, that is most of the data are unstructured like emails, invoices with limited information.
Market HighlightsAccording to MRFR, The Robotic Process Automation Market is expected to grow at approximately USD 2,700 Million by 2023, at 29% of CAGR between 2017 and 2023.Robotic process automation (RPA) is an application technology where software with capabilities of artificial intelligence and machine learning are used for handling high volume, repeatable tasks.
RPA allows employees to configure and program computer software or a robot to interpret existing application in the organization for manipulating data, processing transactions and communicating with digital systems.
The RPA is similar to traditional IT automation, but the major difference between these technologies is, RPA is capable of learning itself and adapt to changing circumstances which a conventional IT automation system lacks.Robotic process automation has been proven to be boon in the industries such as BFSI, supply chain, accounting, CRM, and human resource management (HRM) among others.
High efficiency at low cost is one of the major driving factors for the market of robotic process automation.The factors that have provided impetus to the RPA market growth are ease in business processes offered by robotic process automation, and convergence of robotic process automation with traditional business process industries.Whereas factors that may challenge the market growth of RPA include - complex pricing model while implementation and dealing with clients, the risk of data security that obstructs the implementation of robotic process automation in the financial domain, and the reduced potential of robotic process automation for knowledge-based business processes.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/2209Segmentation:The global RPA market can be segmented by process, operations, type, and industry.Process-based analysis includes automated solution, decision support and management solution, and interaction solution.Based on operations, the market comprises spend analysis, e-sourcing, e-procurement, contract management, and supplier management.Type-wise the market consists tools, services, and travel & logistics.On the basis of industry, the market is segmented into BFSI, Healthcare & pharmaceuticals, manufacturing & logistics, IT & Telecommunications, Retail, Travel, Hospitality, Transportation, and others.Regional Analysis:The region-specific analysis reveals that the RPA market dominates regions namely Asia Pacific (APAC), North America, Europe and Rest-of-the-World (RoW).
North America is spearheading the market as the region incorporates advanced technology faster than any other region to attain the best possible result.
At the same time, their infrastructural superiority has assisted them with a favorable market condition using which they can easily steer the global market towards market supremacy.Europe comes next with their significant acceptance of the technology to provide better customer service.
