Automation & Digital Transformation

Automatic equipment in a manufacturing, warehousing, transportation and distribution, Industrial and Autonomous research robots, Robotic process automation (RPA) and other processes or facilities.

Robotic Process Automation Revenues in Banking & Financial Services to Reach $1.2bn by 2023

Representing over 400% growth in service revenues from 2018

08-Jan-2019
Robotic Process Automation Revenues in Banking & Financial Services to Reach $1.2bn by 2023
New data from Juniper Research has found that Robotic Process Automation (RPA) revenues in banking will reach $1.2 billion by 2023. With an estimated revenue above $200 million in 2018, this represents a growth of over 400% over the period.

For more insights, download our free whitepaper; Traditional Banks & Fintech: The Race to Automate.

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.

Leading 5 RPA Vendors
Juniper analysed around 20 leading RPA vendors in terms of AI capability, product innovation and financial services specialisation. The research ranked the 5 leading RPA vendors:
  1. Kryon 
  2. EdgeVerve 
  3. Nice 
  4. Pegasystems 
  5. Kofax Kapow 

Despite being relatively small, the company with the most advanced AI-driven RPA solution alongside domain expertise in the financial industry is Kryon. Its biggest strengths are its hybrid automation solution and process discovery; enabling autonomous identification of tasks.

RPA Potential Still Untapped
The research claimed that Financial Institutions (FIs) are still at early stages of RPA implementation and many solutions are underperforming. This is mostly due to 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.

Roboadvisors to See Strong Growth 

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.

Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.

Infotech & Command Alkon to Enhance Material Management Processes for Public Agencies & Heavy Materials Suppliers

Real-Time Access to Data with E-Ticketing Applications Speeds Documentation Processing and Payment Processing; A Win-Win for All Involved

Amazon Business Award winners: Cepsa, Walsall Council and ABB

The first-ever Amazon Business Awards on User Empowerment, Agile Procurement & Visionary Award

Command Alkon Announces Steve Jones of Dodge Data & Analytics as Keynote Speaker at ELEVATE Conference

Leveraging Project Data to Deliver Cutting Edge Research on the Adoption and Value of Technology Usage in the Heavy Construction Space

SIOS achieved SAP certification for SAP S/4HANA

New capabilities and simplified pricing enables customers to easily move their SAP high availability clusters to AWS and Azure clouds

A.P. Moller - Maersk to Extend its End-to-End Container Logistics Services with JDA

Leading integrated container logistics and transport company to deploy cloud-based JDA Warehouse Management as part of its digital transformation

Siemens launches Digital Academy to nurture next generation of engineering and tech talent

Programme offers undergraduates up to 3,000-a-year sponsorship and up to 12-weeks paid summer placements

UiPath collaboratse with TechUK’s Public Services Board (PSB)

Robotic process automation (RPA) leader UiPath is keen to drive greater engagement between the tech industry and government

Atos further supports Italian Broadcaster RAI's digital transformation with new media player

Atos signed a 4-year contract with RAI - Radiotelevisione italiana S.p.A.* to develop new player system in RAI’s digital media supply chain.

Atos delivers Quantum-Learning-as-a-Service to Xofia to enable artificial intelligence solutions

Xofia combines artificial intelligence & quantum-based algorithms to implement problem-solving strategies for the enterprise

Automation is key as UK productivity declines further

As productivity in labour markets decline, businesses are under pressure to increase efficiency to remain competitive

Previsor Insurance Goes Live on IVANS Markets

Workers Compensation provider to instantly communicate appetite to agents within their management systems

IBM and Cisco amongst the leading companies in GlobalData's IIoT theme for the industrial automation sector

Gained the highest Thematic score (5 out of 5) in GlobalData’s Thematic Scorecard for the industrial automation sector

Donseed Launches New Cloud-Based Software to Unify Construction Site Inductions and Communications

Contractors can invite subcontractors, individuals, and supply chain workers to complete fully customised inductions and site briefings remotely

Atos participates in COSMIC EU Project developing powerful shipping container threat detection system

The advanced inspection system is to detect CBRNE threats (Chemical, Biological, Radiological, Nuclear and Explosive)

UK Organisations Leaders in Adopting Business Automation

A new survey commissioned by UiPath finds that growing business challenges are being addressed with automation

Participants should adopt as-a-service models, ready for deployment to adapt and thrive, finds Frost & Sulliva

, Digitalisation in Defence, reveals that digital technologies are gradually being leveraged at both agency and operational levels as change enablers

Lectra unveils two trailblazing Industry 4.0 solutions at annual furniture event

Furniture on Demand by Lectra and Versalis® 2019 enhance customization and productivity capabilities for future-oriented furniture companies

Elemica’s Gary Neights Wins Top 50 Tech Visionary Award

Speaking at Intercon Conference on Artificial Intelligence and Machine Learning

The future workforce: augmentation not just automation

The future of the warehouse and production industries, in terms of augmentation of the existing human workforce, as an alternative to full automation

TCS and Star Alliance Celebrate 15 years of Partnership with New Digital Transformation Initiatives

Industry-First Solutions Built by TCS have Helped Star Alliance Drive Digital Innovation and Provide a Seamless Experience to Passengers

Digital disruption set to transform personal mobility

Forcing the creation of new business models, disrupting trends in personal mobility and reshaping global supply chains.

Intelligent Automation in Energy and Utilities

The sector must focus on quick wins in core functions such as forecasting, yield optimization and complaints management

Bruno Ferreira to Lead UiPath into a New Era as UKI Area Vice President

Ferreira joins UiPath during a period of strong growth and rapid expansion

ABB and Ericsson Join Forces to Accelerate Wireless Automation for Flexible Factories

ABB and Ericsson today strengthened their long-standing relationship with the signing of a Memorandum of Understanding (MoU) at Hannover Messe 2019.

New UiPath Immersion Lab will Empower EMEA Customers and Partners to Realise Their Enterprise RPA and AI

UiPath Immersion Lab enables customers and partners to test their business processes automation scenarios and make the move to the digital business

Leading RPA Provider Kryon Attains Net Promotor Score of +57

Customer-Rated Experience Exceeds IT & Software Industry Standard

Dematic PackMyRide: The World's First Fully Automated Parcel Loading Solution Concept for the Last Mile

Dematic presents the Dematic PackMyRide automation system, the world's first fully automated solution concept for parcel loading

WestRock Expands Portfolio of Automated Packaging Systems

WestRock Company has expanded its portfolio of automated packaging system offerings with the acquisition of Linkx Packaging Systems.

NICE Robotic Automation Expands Partnership with ABBYY

Integration enables expansive automation of unstructured data and scanned documentation with NEVA as well as NICE's unattended robots

Dematic: A Pioneer of Intralogistics Celebrates its 200th Anniversary

Dematic is set for an extraordinary year: 2019 marks the 200th anniversary of the founding of this international enterprise.

E.Leclerc automates their Gellainville warehouse with a CMC CartonWrap

Logilec has successfully installed a CMC CartonWrap in one of their sites in Gellainville.

Jungheinrich acquires majority stake in ISI Automation

Jungheinrich AG is to acquire ISI Automation GmbH & Co. KG of Lemgo, Germany.

"Start your digital journey": Implico to promote digital transformation at StocExpo Europe

Market leader EMEA for terminal management systems will showcase new products and innovations for the tank storage industry in Rotterdam

Fulfillment Automation Provider 6 River Systems Announces General Availability in Europe

6 River Systems is pleased to announce general availability in Europe just two years after the company’s U.S. debut.

Telekom Slovenije selects Bulb Technologies to automate customer care and introduce Chatbot self-care channel

CEMPRESSO Customer Care deployed to increase the efficiency of service troubleshooting

Rockwell Automation Acquires a Leading Software Developer for Simulating and Emulating Industrial Automation

Software portfolio integrates automation software with 3-D CAD model, enabling customers to test machine and system designs virtually

Kryon Becomes the First and Only RPA Vendor to Achieve ISO/IEC 27001:2013 Certification

Automation Industry Leader Recognized for Its Commitment to Maintaining Information Security

The Top 5 Ways Document Automation Improves Customer Engagement​

Every customer interaction presents an opportunity to make the right impression, to meet customers’ needs and to build relationships

Everything will be accelerated – 2019 Europe automation predictions

Faster adoption, public sector stimulus, and increased democratisation – just some of the automation trends UiPath experts predict for next year

78 Percent of UK Office Workers Believe Their Jobs Will Survive Automation

UK employees positive about Robotic Process Automation (RPA), but awareness of how their work will be transformed is low

Audi’s Autonomous Intelligent Driving Teams Up With Luminar

Audi´s startup, AID is the center of excellence for urban autonomous driving in the Volkswagen Group

The Current RPA Approach is Broken, It’s Time for a People1st Approach

It’s time to turn the world of RPA on its head since the current approach is broken. A new approach which puts People before Robots is needed

NICE Launches Robotic Process Automation Version 7.0, Leveraging Advanced AI to Accelerate ROI

Version 7 streamlines the automation life-cycle with smart process selection, swift development and greater enablement of the human-robotic workforce

Bosch presents tomorrow's mobility today

Bosch is developing systems and components for automating, connecting, and electrifying shuttles

Dematic launches Engineering Design Apprenticeship programme

Dematic has launched an Engineering Design Apprenticeship programme this September with a cohort of four students