(Nov. 30, 2022) – Encapture, a high-growth SaaS platform that helps banks like Wells Fargo, US Bank and Truist automatically extract important information from documents, is pleased to announce their selection for inclusion in Bank Director's FinXTech Connect online platform created exclusively for U.S. banks.
FinXTech Connect was created by Bank Director as a curated resource for banks across the nation to find proven technology providers who partner with financial institutions of all sizes. Companies who are included in the directory are carefully vetted by the Bank Director team to have shown strategic value for financial institutions in the areas of growth and creating efficiencies.
Financial institutions use Encapture’s artificial intelligence to extract and validate important data in document-intensive workflows to drastically reduce human error and increase data integrity. Under increasing regulatory pressure to deliver accurate data in a timely fashion, it has become imperative for lenders to improve reporting with annual HMDA enforcement, CRA expansion, and the upcoming Dodd-Frank 1071 regulations just over the horizon.
By utilizing Encapture’s centralized, automated document verification solution, financial institutions dramatically reduce labor costs and can focus time and resources on higher-value tasks. Decreasing the number of monotonous tasks staff have to complete enables them to serve more customers and increase revenue by speeding up the application process for new loans or deposit accounts.
Encapture’s intelligent document processing, when integrated into current systems, can perform a variety of time- and money-saving processes, as well as read judgements and bankruptcies to protect banks against CFPB scrutiny of loan servicing and collection practices. It can quickly determine which delinquent loans should be pursued for collection and which are legally protected, saving institutions potential legal and reputational risks. Encapture can also automatically sort, scan, and track customer mail while allowing banks to track their correspondence from customer service inquiries, collections notices, and court documents.
“We built Encapture to eliminate the most mundane and error-prone chore in a bank: reviewing documents,” says Will Robinson, CEO of Encapture. “With Encapture, institutions of all sizes can efficiently capture key data and check for required disclosures, thus alleviating the need for human involvement. We’re honored to be included in this directory.”
“We are excited to welcome Encapture into FinXTech Connect. It has always been our core focus at Bank Director to educate senior leaders and members of the board of financial institutions, and we believe FinXTech Connect allows banks to grow market share and gain efficiencies through new innovations,” says Michelle King, President of Bank Director & FinXTech.
Launched in 2014, FinXTech is a resource powered by Bank Director, which specializes in connecting a hugely influential audience of U.S. bank leaders with technology partners at the forefront of innovation. FinXTech makes it easier for banks and technology companies to work together - through its exclusive in person events, editorial content and online FinXTech Connect platform. For more information, please visit FinXTech.com.
Encapture is a machine learning platform that accelerates funding times, improves loan margins and reduces regulatory risk for banks, credit unions and fintech lenders. As an omnichannel solution, Encapture easily integrates into any banking or lending process to auto-verify incoming documents, auto-populate business systems with key data points, and auto-request additional documents that may be missing or incorrect. Visit www.encapture.com to learn more.