Robotic Process Automation, otherwise known as RPA, along with Intelligent Automation (IA) continue to have a major impact in finance. In fact, during the past year there has been a surge in the uptake of RPA according to findings from the latest year-on-year (YoY) analysis data in our 2021 Fintech Barometer. It illustrates the point that data and becoming data-driven is playing a prominent role in reshaping strategies for financial businesses. It also creates a range of opportunities by improving the efficiency of processes. This cuts expenditure and maximises daily repetitive routines.
The survey showed 61% of organisations either use robotics like RPA or are developing ideas on how to incorporate the technology into their businesses to be data-driven. This represents a 15% increase compared to figures from 2020 (46%). This also coincides with the increased use of Intelligent Automation (IA) tools, which expands on the functionality of RPA through supporting technology solutions like Artificial Intelligence (AI) and Machine Learning (ML). Almost half (47%) of respondents identified AI as the biggest trend to have an impact on the sector. Not only that, but AI also came out on top in terms of its perceived impact on order-to-cash processes.
A data-driven future with robotics
IA technology has seen wider uptake among businesses. Of those surveyed, 53% reported the use of IA tools in their organisation. The need for financial organisations to harness data-driven insights and use them to inform decision-making and define business strategy is likely what drives much of this trend. This is reflected in that almost two-thirds (65%) of organisations said they were either a fully data-driven organisation or that data supports their processes. 44% of respondents identified big data as one of the top three trends having an impact on the financial sector. Only 8% of organisations said they were not planning on becoming fully data-driven at some point in the future.
Our survey shows that many financial businesses are beginning to embrace the concepts of RPA and IA. Even if they’re yet to fully utilise it in their operations. A lot of this uptake is due to data now driving processes and technology solutions. And big data being among the top trends in the industry. Financial professionals continue to learn how to apply data. As they do, we can expect to see an increase in the use of emerging solutions, namely RPA and IA. And as we head in to 2022, robotics will continue to play a key role in helping these institutions achieve their data-driven dreams.
For the full rundown of insights and trends over the course of four years in the finance sector, download the full whitepaper here.