Banking Automation And Roboadvisors Market Report

Market Insights

The Global Banking Automation & Roboadvisors Market is projected to grow from USD xx million in 2020 to USD xx million by 2026 at a CAGR of over 5.0% during the forecast period.

Figure: Global Banking Automation & Roboadvisors Market Size, 2020-2026 (USD Million)

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What is Banking Automation & Roboadvisors?

Automation is the technology by which a procedure or a process is performed with minimum human assistance. A Roboadvisor is an online, automated portfolio management service. It uses an algorithm-based portfolio management service that is offered by wealth management companies. As these companies use computer algorithms to manage client investments, Robo-advisors offer their services for a fraction of the cost of a human financial advisor.

Key Players

Key players operating in the global banking automation & Roboadvisors market are-

• Alibaba (China),
• Antworks (India),
• Automation Anywhere (The US),
• BlackRock (The US),
• Blue Prism (UK),
• Boston Consulting Group (The US),
• Charles Schwab (The US),
• Cio.com (The US),
• Facebook (The US), and
• FCA (Financial Conduct Authority) (The US).

Market Dynamics

Sheer benefits of banking automation and Robo-advisors to allow automatic management of individual’s wealth based on algorithms is a key driving factor.

Also, advice related to investment at low cost and increase in maturity of digital advice technologies is likely to support the product demand. Also, the advice related to investment at low cost and surge in the maturity of digital advice technologies further contributes to the industry growth. Moreover, a lack of direct contact or personalized support to the clients can hinder the market expansion.

Segment Analysis

Type Trends

By type, the banking automation & Roboadvisors market has been segmented into robotic process automation, customer service chatbots, and Roboadvisors.

• Under these, the Roboadvisors segment held a substantial market share in 2020 and is likely to register the fastest CAGR in the following years.
• Roboadvisor substantially decreases management cost involved in providing all the financial advice through manpower, thereby helping wealth management companies to provide this as a minimal cost service for their customers.

Regional Trends

By region, the North American market garnered a significant market share in 2020 and is projected to grow at a steady CAGR during the assessment period. This is mainly attributed to the large number of banking companies coupled with a rising trend of automation in banking systems which results in the increasing implementation of banking automation systems and Roboadvisors.

COVID-19 Impact on Global Banking Automation & Roboadvisors Market

The ongoing COVID-19 pandemic has positively influenced the banking automation & Roboadvisors industry due to the increasing surge of coronavirus cases across the globe. Strict lockdown measures coupled with restricted movement of people results in limited visits to banks, thereby promulgating the need for automation in banking systems to incorporate roboadvisors for banking-related queries.

Critical Questions Answered in the Report

• What are the key trends in the global banking automation & Roboadvisors market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of the COVID-19 on global banking automation & Roboadvisors market?
• What are the key strategies adopted by the major vendors to lead in the global banking automation & Roboadvisors market?
• What is the market share of the top vendors?

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Target Audience

• Banking automation & Roboadvisors companies
• Banking automation & Roboadvisors vendors
• Automation technology organizations
• R&D labs
• BFSI sectors

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