Humans Working Alongside AI Technologies in the Banking Sector is Changing the Industry

By Yelena Mandenberg Yelena Mandenberg has been verified by Muck Rack's editorial team
Published on September 30, 2018

Founder and CEO of EnableSoft, Richard Milam, has been a leader in creating Robotic Software Automation (RPA) technology for 20 years. Now, over 500 corporate institutions have humans working alongside AI technologies thanks to RPA solution, Foxtrot.

While some still fear that AI is here to take away from human jobs, EnableSoft insists that there will always be a need for a “human in the loop,” and stresses that AI is more successful when there is human involvement. It’s no secret that AI lowers costs and boosts productivity for many different industries.

Richard Milam explains that “Customer Service and experience will be enhanced as AI enables banks to offer customers the right solutions for their situation. The customer relationship is critical as non bank Fintech players seek to take over the customer mindshare.”

Thanks to Milam’s 20-year development of the company, EnableSoft has been listed in the Inc 5000 for two years in a row. Milam credits Enablesoft’s commitment to customer service and the advancement of AI technology.

The capabilities of AI have evolved in the last 20 years at incredible speeds, and EnableSoft’s ability to keep up and apply those advances is how they’ve been able to expand. With more companies turning to AI every day, EnableSoft is seeing increases.

“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,” reports Milam. Companies are rushing to adapt their technology in their industry is going to change a lot of industries.

The same way that the internet has totally changed the job market and careers for millennials in the last 20 years, AI is likely going to continue to create that rapid change in the way industries do business. It will create new job opportunities for humans, at least according to EnableSoft.

“The global economy will grow $15.7 Trillion by 2030 and productivity increases driven by AI will contribute 40 percent of that growth. The skills involved in creating and managing software robots will be just as necessary as the ability to work with spreadsheets,” says Milam. AI companies are confident that humans will be taught how to work with AI to expand businesses further, the same way computer and coding skills are taught in schools now. Rather than eliminating humans from the picture, EnableSoft has found a happy medium between the two.

EnableSoft also stresses that AI implementation isn’t difficult, which is why so many more companies are turning towards that technology. AI can link to existing systems, but this requires human help. Integrating any new technology always has kinks, and with humans working with AI technology, those problems can be eliminated, resulting in better service for customers.

You can check out Richard Milam explain RPA technology below:

By Yelena Mandenberg Yelena Mandenberg has been verified by Muck Rack's editorial team

Journalist verified by Muck Rack verified

Yelena Mandenberg is the Ideas Editor at Grit Daily with a passion for news of all sorts. Finishing Brooklyn College with a degree in Print Media Journalism as the industry died out, she began working as a freelancer.After spending some time working in the retail industry, Yelena started BK Riot Writing, a marketing company that caters to small and local businesses, creating content that helps them compete. From her South Brooklyn apartment where she lives with her cat & tortoise, Yelena is always seeking something new and interesting to cover.

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