The state of RPA in financial institutions 2024

Our recent survey, “State of RPA in Financial Institutions 2024,” explores the role of Robotic process automation (RPA) in the evolving financial sector. The following report provides insights into how organizations are leveraging RPA to enhance operations — examining its scope, application, challenges and impact. The survey included a diverse range of financial institutions, with asset sizes from under $1 billion to $100 billion and employee counts ranging from 250 - 5,000 across commercial, online and healthcare sectors.

The findings reveal varying levels of RPA adoption, from partial to full integration, showcasing how organizations are tapping into RPA’s potential. Key benefits include risk reduction, improved resource allocation, faster service delivery and enhanced client satisfaction, positioning RPA as a transformative force in the industry.

Key findings of the report

Over 80% of surveyed financial institutions are investing in either outsourcing RPA development or training and skill development of internal employees to build their RPA teams:

The data reflects a strong commitment to adapting to technological advancements. While outsourcing remains viable for many, a closer examination reveals a growing recognition of the strategic value in fostering internal expertise.

Institutions are increasingly realizing the importance of cultivating in-house talent to navigate the complexities around implementing and customizing automation technologies. This commitment is geared towards immediate needs and positions these institutions for long-term success in an industry undergoing continuous transformation.

The distribution of RPA team sizes among respondents reveals a diverse spectrum of adoption within the industry:

About 50% of respondents are currently engaged in small, targeted RPA projects, employing teams ranging from 1 to 3 members. This signifies a cautious approach, allowing organizations to test feasibility before broader implementation.