Videos

Richard Milam: The Global Impact Of AI As It Applies To The Banking Industry – Not Billions But Trillions

You may have heard about a robot called ‘Flippy’ that makes hamburgers instead of Phil, your average fast food worker. Robots are infiltrating the workplace, including banks. Robots can enhance work, productivity while reducing costs due to errors.  However, humans oftentimes need to remain “in the loop” and are critical to the end to end process and workers are made more productive with less repetitive mind numbing tasks. Offshoring and outsourcing are being replaced by bots. Will jobs change and will there be a large impact and can robots effectively create jobs as the bots need to be monitored and managed?

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Richard Milam
Image source: YouTube Video Screenshot

Richard Milam is the Founder and CEO of EnableSoft and a 20-year expert in productivity and Robotic Software Automation (RPA) technology. EnableSoft is the leading provider of Robotic Process Automation software and serves over 500 corporate customers worldwide with the RPA solution, Foxtrot. For two years in a row, EnableSoft has been listed in the Inc 5000, which can be attributed to EnableSoft’s advanced RPA technology, outstanding USA-based customer support, and trusting relationships developed in their over 20 years of service in all industries. Milam has been quoted in several publications for his viewpoint on RA including: US Daily Review, Small Business Opportunities, Business News Daily, Entrepreneur Podcast Network, Payments Magazine, Bank News, Blog Talk Radio, The Price of Business and more.

Richard Milam recently came back from the Western Independent Bankers Conference to speak on this subject and is a dynamic and informative presenter. You can view his latest talk below:

Transcript

Right. So three things I want to share on six minutes.

There's something really really changing going on in our vision and the sad thing is he has been hugely. Ball. You know. And third thing is you don't take advantage of this day. It's a nuisance. You can cross. So that's why he's like that sensation you are at these huge.

Trillion dollars.

Now 30 worldwide 40 percent increase is artificial intelligence. So before you go all over his hometown this is really you have people like cycle of inflation and things like that because everybody's.

Going on because we've been for years. It's called robotic process automation is on the road for technological revolution and the Pauper all the way to work related to what.

Else.

Plus the transformation will be on my hands for hours of that into this omni channel digital experiences.

So our initial thoughts as a lot of sense when he started to talk about how business is harming and these pieces are pieces of automation that use business processes and artificial intelligence and he's able. Those days maybe. The process takes to make sure that somebody has signage before they remove the positive on the phone.

So they call that create legacy design. I know that that's a lot of administrative work. I collect because you have to have a make it work with is Uber that they don't. But are is a huge piece of what's really going on in our visions of business today.

Five guys some of the largest and largest processors.

So me or something here are using robotic crossovers instead of your courtesy of raising the horses and telling us what was going on now. Moths that dashing and you know they're not doing my stuff they're doing going Russ's employees age are they really only 19 percent really orders Alonzo's symbol for. So. This is the definition of RBA. We say robots across all businesses want to get stuff or water used to them.

We've been doing it for 23 years 500 times. Now this is being used for everything from entire versions are actually doing things and that is it makes it makes the day go into user.

  • The global impact of AI through 2030 indicates that this will be a $15.7 Trillion dollar industry with the consumption contribution at 60 percent and productivity contribution at 40 percent.
  • According to the Gartner hype cycle of 2016, machine learning is at its peak of inflated expectations. Effective machine learning is difficult because finding patterns is hard and often not enough training data is available; as a result, machine-learning programs often fail to deliver.
  • AI implementation is not difficult. Big data and AI have become extant where implantation is the key. Implementation requires linkage to existing business systems. Proving Systems is extremely important and treacherous and always making sure a ‘human’ is in the loop.
  • To fully automate processes, we need to use both an expanded spectrum of automation and better use of people.
  • Enablesoft partners with 500 banks and credit unions. 1/3 of the top 1,000 banks and ½ of the top financial performers, along with healthcare and 12 other industries
  • Most experts agree that there will nearly always be the “human in the loop” and AI will augment human effectiveness.