Bank Automation Market

According to a research report "Bank Automation Market - Global Forecast to 2027" published by MarketsandMarkets, the Bank automation helps increase capacity and frees employees to focus on higher-value projects. Factors like improved productivity, improved customer service, easy fraud detection, increased security and privacy, improved personalization, and increased flexibility are impacting the growth of Bank automation and driving the adoption of Bank automation solutions and services. The bank automation market size is projected to grow from USD XX.X billion in 2022 to USD XX.X billion by 2027, at a CAGR of XX.X% during the forecast period.

Robotics Process Automation type is expected to register the fastest growth rate during the forecast period.

The RPA in banking provides customers with the ability to automatically process payments, deposits, withdrawals, and other banking transactions without the need for manual intervention. Banks have observed increasing ROI with RPA. More and more people are using digital banking, cryptocurrency, and mobile payments. These are some of the examples of RPA in banking. These Digital transformation projects remain at the top of the list for many banks and will continue to drive the overall technological growth of the banking process.

BFSI application is estimated to account for the largest market share

Bank automation is allowing banks and financial institutions to achieve operational efficiencies, consistency, speed, enhanced customer service, and overall better outcomes. As software bots with AI-enabled intelligence perform manual, time-consuming tasks, teams are freed up to perform higher-value functions it allows banks and financial services companies to integrate new technology solutions, bringing workflows and departments together to achieve performance gains. Reduced manual efforts, improved process turnaround time, an ability to manage end-to-end processes with minimal human involvement are some of the most valued benefits of adopting bank automation.

Asia Pacific likely to emerge as fastest-growing market during the forecast period.

Asia Pacific is projected to be the fastest-growing market for bank automation solutions due to the increase in the adoption of new technologies, rising investments in digital transformation, and growing GDP in Asia Pacific countries. The competition in this region is fragmented, and bank automation solution providers are looking at expanding the base of their operations to most countries in the region. Asia Pacific constitutes major countries, including China, India, Japan, and the rest of Asia Pacific, which are increasingly contributing toward the development of mobile and web-based Bank automation in the market.

Market Players

The major vendors covered in the Bank automation market include Automation Anywhere, Antworks, Onfido, Blackrock, Blue prism, Boston consulting group, Charles Schwab, Nividous, ComplyAdvantage, Uipath, and Wealthfront.

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