Robotic process automation (RPA) in banking is expected to generate $00 million in software and services revenues by 2022, new data from Juniper Research has found.

Traditionally, RPA was limited to replicating simple or repetitive tasks that require high accuracy, such as data entry. However Juniper suggests that the current market represents a ‘perfect storm’ created by the convergence of chatbots, AI-driven RPA software and banks’ digital transformation strategies. The research found that this has created renewed interest in RPA for financial services, driving market spend.

Juniper expects the market value of RPA, estimated at $214 million in 2018, to expand by more than four times by 2022.

IP Soft is currently leading the market in delivering RPA solutions, according to the study, followed by Antworks, Pegasystems, Wipro, and Workfusion. The study highlighted IP Soft and Antworks in particular for their integration of AI into their RPA solutions, using both knowledge-based and pattern-recognition AI to generate process execution.

Juniper predicts that banking and financial services will represent 34 per cent of the global RPA market by 2022, with regulatory burdens and a desire to reduce offshore outsourcing cited as key drivers.

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

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