By the Numbers: Banking apps and RPA adoption gain popularity

Americans are continuing to rely on technology to better understand their finances, keep track of their net worth and reach long-term financial goals. Consumers of all ages are leveraging financial apps to manage their money, with 58% of Americans surveyed believing that financial apps, including investment, management and banking apps are important for achieving their financial goals, according to a recent study by Envestnet of 2,158 Americans. That rate increases to 76% when the study those who currently work with a financial advisor. However, although respondents are interested in apps for money management, the study shows that consumers still prefer working with a human rather than just an app. According to the study, a majority of those surveyed said they would trust a financial advisor over digital advising options. While some may think that older customers value the human element more than younger generations, it has been proven that younger consumers, too, prefer human interaction. Millennials, Gen Xers and baby boomers all report the same preferences when it comes to managing their assets – and that includes a human element in financial administration. “Technology, in general, has really come to the forefront because people are more personally involved and want to know how they are tracking both on a daily and a future basis. But that does not eliminate that even though they have a good view of what their finances are. They're still leaning on people with expertise,” Mary Ellen Dugan, chief marketing officer at Envestnet, told Bank Automation News . The study also found: 30% of Americans do not formally organize their short-term finances; 51% of participants review their net worth quarterly, yearly, less often or never; 25% of those studied have never reviewed their total net worth; 39% use online banking to track their finances; and 13% use a personal app to manage their finances. Increased RPA adoption: A priority for executives Robotic process automation (RPA) is key for enterprises in the technology space, with adoption of this application becoming more of a focus for executives. RPA is the application of technology to automate the execution of business processes, allowing these processes to move more efficiently while being repeatable and rule-based. As part of Blueprint Software Systems ’ “State of Automation 2022” report , which surveyed companies ranging from 1,000 to 10,000-plus employees, RPA is only growing in popularity and is already employed by major tech companies. According to respondents, the average amount spent on RPA is $480,000, with 13% responding that their organization spends more than $1 million annually on RPA. Forty percent of respondents said they utilize multiple RPA platforms, and executives are continuing to make RPA enhancements a focal point for their businesses. Of the C-Suite decision-makers that responded, 44% specified that improved RPA governance would be a concern with regards to long-term plans for the application. The study also found that: 76% said Microsoft Power Automate was their RPA platform of choice; 26% use specialized tools for specific use cases; 74% still use their original RPA platform; and 74% of those who still use the original platform are considering switching to another platform. Bank Automation Summit Fall 2022, taking place Sept. 19-20 in Seattle, is a crucial event on automation and automation technology in banking. Learn more and register for Bank Automation Summit Fall 2022 .

By the Numbers: Banking apps and RPA adoption gain popularity

58% of Americans think financial apps are key to achieving their financial goals

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By the Numbers: Banking apps and RPA adoption gain popularity

58% of Americans think financial apps are key to achieving their financial goals

NCR makes SaaS transformation, sees revenue spike

Citi pushes on repeat-investment CVC strategy

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