ORLANDO, Fla.–Robotic process automation (RPA) software is expected to grow from a $629-million market in 2018 to $1.2-billion by 2021, with one new survey showing more than one-third of surveyed financial institutions attribute a 2-5% revenue growth directly to an intelligent automation strategy that includes RPA.
Credit unions are among the FIs that are either investing in or exploring RPA software, according to EnableSoft, which crated the Foxtrot RPA software.
According to EnableSoft, examples of credit unions using RPA include:
- The $180-million Texas Tech CU merged in two credit unions using services provided by its core data processor with Foxtrot RPA. “Over the next couple of years, we’ll be able to reduce the cost of mergers by about 80% thanks to Foxtrot,” said Pranay Siri, the credit union’s Business Intelligence Analyst, in a statement.
- The $1-billion Kalamazoo’s Consumers CU is using RPA to bundle loans for sale, replacing its prior system of manually preparing each loan for sale. RPA has helped it to eliminate several days’ worth of manual data entry for every group of loans sold, the CU said.
- The $2.4-billion Provident Credit Union is using Foxtrot to close inactive credit and debit cards, but the CU said its greatest value is in the escheatment process, saying it has never had an error as a result.
The Broader Market
Meanwhile, looking at the broader market, according to EnableSoft:
- The global impact of AI through 2030 indicates that this will be a $15.7 trillion industry with the consumption contribution at 60% and productivity contribution at 40%.
- According to the Gartner hype cycle of 2016, machine learning is at its peak of inflated expectations, Enable Soft said. “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,” EnableSoftr said. “Implementation requires linkage to existing business systems. Proving systems is extremely important and treacherous and always making sure a ‘human’ is in the loop.”