Consulting firm Centelli is implementing robotic process automation (RPA) at Hampshire Trust Bank (HTB) to speed data processing and achieve faster decision making on customer transactions.

According to Grand View Research, the global RPA market size across all industries was valued at $1.4 billion in 2019, and is projected to achieve a compound annual growth rate (CAGR) of 40.6 per cent from 2020 to 2027.

The rising demand for the automation of tasks in business processing, coupled with artificial intelligence and machine learning enhancements, is expected to drive the market growth, with the financial services sector expected to form the largest chunk of RPA business, said Grand View.

The RPA solution at HTB, powered by UiPath software, will support the funding, completion and servicing of loan facilities. It will enable Hampshire Trust Bank’s specialist mortgages team to reduce manual processes in order to support a greater number of customers and improve the customer experience, said the bank.

Charles McDowell, managing director of specialist mortgages at HTB, said: “The RPA solution will not only cut down on repetitive manual processes, it will dramatically reduce the human interaction needed, allowing the team to focus on delivering better and more for our brokers.”

Russ Fitzgerald, CIO at HTB, added: “We have a number of complex IT applications that serve us well, but we needed to improve their integration as we look to further automate our processes and invest heavily in leading technology. With UiPath robots we are addressing these gaps.”

Rajan Gupta, director at Centelli, said: “Automating the specialist mortgage completion process for Hampshire Trust Bank is just the beginning of our journey as we look to continue development at the bank.”

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