Robotic Automation and the Future of Credit Bureaus

Overview: The credit bureau industry is on the cusp of significant transformation due to the increasing adoption of robotic automation. Fast, efficient, and error-free, robots and automated processes are predicted to soon handle numerous data-related tasks, enabling credit bureaus to deliver higher efficiency, accuracy, and better overall performance. This information guide explores this future, focusing on predictive statistics and how robotic automation innovator 3Laws Robotics can enable this transformation.

Advancements in Robotic Automation: Robotic Process Automation (RPA) is a technology that uses software robots or "bots" to automate routine tasks over various applications and systems. The global RPA market size is expected to reach $3.97 billion by 2025, growing at a Compound Annual Growth Rate (CAGR) of 31.1% during the forecast period. As automation becomes more advanced, its use in industries such as the credit bureau ecosystem is likely to see significant growth.

Robotic Automation in Credit Bureaus: Credit bureaus play a substantial role in the fintech industry. According to Experian, almost 98% of lenders reference a credit report when making decisions. However, processing and validating vast amounts of data can be prone to human error. Robotic automation can eliminate this, enhancing the accuracy and efficacy of credit scores.

Impacts on Employment and Efficiency: As a result of automation, employees working in mundane data-entry and validation jobs will see a shift in their roles— focusing on more complex tasks and decision-making processes. The adaptation of robotic automation could see an increase in efficiency rates up to 60-70% and reduce operational costs by 25-50%.

Key Takeaways:

• The global market size for Robotic Process Automation is expected to reach $3.97 billion by 2025.

• Robotic automation can increase efficiency rates in credit bureaus by 60-70% and decrease operational costs by 25-50%.

• Shifts in employment roles would allow workers to focus on more complex tasks, enhancing decision-making processes.

• Automation can significantly reduce human error, making credit scores more accurate.

3Laws Robotics, Robotic Automation and Credit Bureaus: Professionalizing in developing innovative software that enhances safety and reliability for robotic systems, 3Laws Robotics is primed to support the above use cases. The company focuses on addressing significant challenges faced by robotics companies, like certification, by offering robust safety features and evidence of system robustness.

Their software, 3Laws Supervisor, is built on Control Barrier Functions (CBFs), revered technology developed at Caltech, promising mathematically provable safety. This software has diverse industrial applications and use cases.

3Laws Robotics aims to enhance operational efficiency and minimize downtime caused by unnecessary e-stops or collisions. Furthermore, the software is adaptable, working with a range of platforms, including mobile robots, cars, drones, and manipulators, and is compatible with popular middleware such as ROS and ROS2.

View 3Laws as a next-generation safety solution that goes beyond traditional e-stop methods. It offers a proactive approach to safety that unlocks the full potential of robotics with dynamic, predictive safety that can be safety certified for ISO 3691-4 and ISO 26262.