Encapture, a high-growth AI platform that helps banks like Wells Fargo, Frost Bank and Truist automatically extract important information from documents, sees record success from their recent lending compliance release to help banks and lenders automate data collection and scrubbing for regulatory reporting. 

Banks are seeing an unprecedented increase in regulatory pressure and scrutiny of compliance lending data, and with the recent announcement of the final ruling on Dodd Frank 1071, lenders are being proactive about implementing automated processes for their institutions. Many banks expect to double their compliance headcount to address these challenges, and automation is proving to be an appealing alternative.

Encapture's compliance validation solution is equipping financial institutions with the tools they need, and has a been a top-selling solution for the company, with financial institutions like Veritex Community Bank, Redstone Federal Credit Union, Community Bank, First National Bank of Texas, Frandsen Bank, Prosperity Bank, United Community Bank, BankPlus and Manasquan Bank bringing on Encapture’s solution to create bandwidth to address these new regulations. 

Community Bank, headquartered in Jackson, MS, is another financial institution that has decided to use Encapture’s data validation solution. 

“With an increase in regulatory pressure and the enforcement of new regulations for banks, we needed a better way to solve the challenges around the labor intensive process of data scrubbing” says Matt Mayo, Chief Banking Officer at Community Bank. “Without automation tools like Encapture, adding more staff would be the only option.”

Encapture has modules for HMDA, CRA and 1071 and is continuing working with banks and lenders to eliminate manual data scrubbing for compliance.

“Financial institutions are increasingly looking to AI to help automate mundane, back-office tasks like document processing and data validation” says Will Robinson, CEO, Encapture. “As regulatory oversight increases, it’s critical for lenders to find automation partners like Encapture to help them scale cost-effectively.”

Encapture is excited to attend and sponsor the upcoming ABA Risk and Compliance Conference on June 13 in San Antonio, Texas, and at the Bank Director Bank Audit and Risk Conference on June 13 in Chicago, Ill. Financial institution leaders can hear Encapture’s CRO Tyler Barron and CEO Will Robinson speak at both events, and stop by Encapture’s booth to learn more about the HMDA data validation solution and CRA and 1071 modules.

To learn more about this solution visit encapture.com/compliance.