Encapture, a high-growth SaaS platform that helps banks like Wells Fargo, Frost Bank and Truist automatically extract important information from documents, today announces a new data validation solution to enhance compliance automation for regulatory reporting. This new release will eliminate manual data scrubbing to create bandwidth for upcoming regulatory expansion within HMDA, CRA and Dodd-Frank 1071.
The financial industry has long faced regulatory pressure, but with the upcoming 1071 changes looming, compliance leaders are dedicating themselves more than ever to implementing new regulations as smoothly as possible for their institutions. Coming off the fresh experience of HMDA LAR reporting, leaders are thinking through upcoming reporting processes ahead of the formal rollout of new regulations. Encapture’s validation solution is giving financial institutions the tools to stay competitive.
“Current market conditions require financial institutions to move quickly and provide outstanding digital experiences for their customers,” says Will Robinson, CEO of Encapture. “Our document automation platform empowers financial institutions to streamline their compliance processes, improve accuracy and reduce risk, allowing them to focus on their core business functions.”
Encapture’s new data validation solution will not only save time for users, but also reduces risk and increases data accuracy, ultimately improving performance and retention. By creating an automated workflow to flag data issues for compliance teams, Encapture removes the monotonous data review responsibilities that are often jeopardized by human error. Whether a compliance team is responsible for reporting HMDA, CRA, or 1071 application data, Encapture ensures these teams are well-equipped to report accurate and complete data in a timely manner.
“In a fast-growing bank, none of us have time to manually scrub the data. We have to be able to get out of the minutia, look at the big picture and focus on where we're going strategically. The more processes we can automate, the better,” says Encapture customer Deana Stafford, Senior Vice President and Director of CRA and Fair and Responsible Lending at First National Bank Texas. “Automation frees up that time for so many other great things that we can achieve; allowing more time for reviewing community development opportunities and for determining how we can do more for the communities that we serve.”
Leveraging the power of machine learning, Encapture identifies data discrepancies between the LOS, compliance reporting tools, and the underlying source documents. This capability allows compliance teams to:
- Eliminate manual review of loan application data
- Extract data automatically from verified documents
- Create new data validation workflows without deploying IT resources
- Reduce fraud false positives and increase lending capacity
- Provide clear chain of custody and audit trails
Using Encapture, lenders can ensure 100% loan review penetration through a process that is much more reliable than traditional sampling methods, thus reducing reporting risks, increasing data quality and lowering overhead costs.
To learn more about this solution visit encapture.com/compliance.
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 automatically verify incoming documents, populate and validate business systems with key data points, and request additional documents that may be missing or incorrect. Visit www.encapture.com to learn more.