• July 25, 2024

Data continues to pour in from across the globe detailing RPA’s expansion. The latest comes from a Deloitte study carried out on behalf of Brazilian banking industry association Febraban that notes financial institutions in the South American country spent more than $5 billion on technology last year (only the Brazilian government spent more on tech than banks). And, RPA was very high on their wish list.

According to the report, revealed in a press conference last week, 80 percent of Brazilian banking executives polled identified RPA for back-office processes as a top investment priority for their institution. Only AI garnered more support (93 percent).

The increase in tech spending in 2020 by Brazilian banks represents a growth rate of eight percent compared to 2019. The pandemic saw significantly higher use of digital channels by banking customers in 2020 due to the pandemic. Institutions that don’t want to be caught flatfooted by the next economic disruption are driving the increased spending on automation technology, according to Rodrigo Mulinari, director of technology and banking automation at Febraban.