The global robotic process automation in BFSI market is anticipated to grow at a CAGR of 31.5% during the forecast period (2023-2030). OCR technology has positively impacted the robotic process automation in BFSI market globally. With the help of OCR (Optical Character Recognition) technology, RPA bots can convert paper information into digital formats and validate the same across multiple systems. it can help enter any new account info into multiple systems, making the onboarding of a new customer faster and substantially reducing the waiting period. This technology takes scanning, captures, and transforms the content on document pages into a digital text format that allows the content to be digitally accessible and readable.
Browse the full report description of “Robotic Process Automation in BFSI Market Size, Share & Trends Analysis Report by Type (Software, and Services), by Organization (Small and Mid-Size Enterprises (SMEs), and Large Enterprises), by Component (Consulting, Platform and Training), and by Application (Banking, and, Financial Services and Insurance) Forecast Period (2023-2030)” at https://www.omrglobal.com/industry-reports/robotic-process-automation-in-bfsi-market
According to Adlib, archiving client-related paperwork, such as onboarding material, is one of the most important uses banks have for OCR technology. Capturing this content in an accessible, searchable digital format helps banks to more effectively store and classify their documents while also ensuring that they are satisfying compliance requirements. The potential of automated processes to improve banking, and OCR should also be viewed as the precursor to any digital-based strategy or process improvement. For instance, in September 2022 Advanced Data Automation’s total managed service allows organizations to capture and process both data-based and image-based invoices. Our OCR tool can process image files with 80% to 90% accuracy, meaning that a small amount of manual correction may be required. This add-on service can bring paper and electronic invoicing into the same processing platform, enabling our customers to target savings of up to 80%.
Market Coverage
• The market number available for – 2022-2030
• Base year- 2022
• Forecast period- 2023-2030
• Segment Covered-
o By Type
o By Organization
o By Component
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includes AntWorks, BlackLine Inc., Blue Prism Ltd, Celonis, Datamatics Global Services Ltd and others
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Robotic Process Automation in BFSI Market Report Segment
By Type
By Organization
By Component
By Application
Global Robotic Process Automation in BFSI Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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