From intelligent document processing to customer onboarding automation, this Market Map looks at the providers helping retail banks like Wells Fargo and Deutsche Bank upgrade their operations and customer experience.
To meet rising customer demand for speed and compete with all-digital challenger banks, retail banking incumbents are looking to upgrade their legacy systems while enhancing the customer experience.
Toward this effort, banks are increasingly leveraging AI- and machine learning (ML)-based tools to automate repetitive and mundane tasks — enabling automated mortgage approvals, natural language processing (NLP)-powered customer service chatbots, instant KYC approvals during new user onboarding, and more.
For example, incumbents such as Standard Bank, Deutsche Bank, Wells Fargo, and BBVA have partnered with robotic process automation (RPA) players such as UiPath and MuleSoft to automate complex back- and front-end processes. And as similar options — such as low- and no-code solutions — proliferate, we expect a new wave of RPA adoption to fundamentally alter traditional banking processes in the coming years.
Using CB Insights data, we’ve identified 97 vendors that provide automation solutions to retail banks across 6 categories in the market map below.