Innovation in Compliance with Tom Fox Data Integrity Through Intelligent Document Processing with Will Robinson
Will Robinson is a former investment banker, who now serves as the CEO at Encapture, a 20-year-old document management services company that pivoted into a SaaS product company in 2019. Tom Fox welcomes him to this week’s show to discuss how Encapture helps its customers attain data integrity through intelligent document processing.
Intelligent Document Processing
Encapture is a software company with a unique process called “intelligent document processing”. Will explains that this process makes it easy for organizations of varying sizes to collect incoming documents as a part of a business process. “Encapture’s machine learning can read the document and discern what type of document it is, then the system can extract data out of these documents and utilize the data for a variety of purposes,” he says. It can transfer data to another system as well as compare data across multiple documents. “We can automate a bunch of reporting on the compliance front,” he adds.
Compliance and Intelligent Document Processing
Tom asks Will to explain what intelligent document processing adds to the compliance aspect of Encapture’s customers like financial institutions. When discussing what values their services add to a bank, Will comments that "reduced compliance risk is honed into because it's mission-critical". Recently, more compliance regulations are being added, and the banks have no choice but to implement them because protecting customers and their data is the number one priority. Will explains that in any compliance initiative there's data that's being reported or there are processes that have to be well documented. Whenever a compliance regulator comes to ensure that the rules are being implemented this data has to be verified by about 5 different people, and this is a lengthy process. However, intelligent document processing can ensure that this process is done quickly and efficiently.
Evolution of Data Integrity
Tom adds that risk is always changing in the form of regulations and with data integrity, the new information will have to be vetted by every new regulation change. “Additionally there will be more requests for your information as the government and others may want it. However, if you have strong data integrity, you have that upstream problem solved and you can pull that data with a software update.” Your solution should be expansive enough to solve multiple regulatory changes. Will agrees and highlights that even though banks are usually late adopters of technology, “they recognize there's need for a change, there's need to update processes and update systems”.
ESG: An Incremental Change
Banks are more reactive instead of proactive when it comes to ESG, Will tells Tom. Most of the ESG changes being implemented are incremental; using a proven process and appropriate technology like Encapture, complying with new regulations can be seamless and often happen within a few days. This directly benefits compliance leaders who need a dynamic platform that evolves with the ever-changing real world, Will points out. Tom comments that banks usually already have the information they need to comply, but it’s siloed. Encapture is “a very powerful tool” that can help them utilize the information to respond more nimbly and a lot more quickly. “We feel like everybody is better served if we can solve this compliance issue and solve it efficiently,” Will remarks.
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