Circumventing manual document processing with AI and ML frees the teams to derive more value from their content, boosts fraud management.

In Australia, many organizations are struggling to keep up with today’s complex data and regulatory requirements. This complicates the process of leveraging the value of their content to make better decisions and deliver better services to customers.

Bendigo and Adelaide Bank is one of them, and to solve the problem, it has adopted a cloud platform that automates its regulatory and business governance obligations for electronic documents.

By consolidating and centralizing its electronic records in the new M365 environment, the bank expects to strengthen existing controls that will ensure customer information is stored securely, used only for the specific purposes intended, and retained only for as long as required.

Leveraging AI and ML, the automation platform will allow the bank to more efficiently discover, analyze, enrich and manage its electronic documentation at scale in compliance to governance policies. It will also support fraud management by preventing the unintended deletion of records and providing detailed audit trails.

A key focus of the EncompaaS implementation is auto classification, which can identify and classify documents as they are created, saving time for teams and improving accuracy. Also, the platform’s metadata enhancement capabilities can recognize and extract key customer identifiers and other metadata from the original documents—something not previously possible with standard migration tools.

According to the bank’s Chief Information Officer, Andrew Cresp: “The compliance platform is a tool which will greatly increase the Bank’s ability to understand, manage and analyze its customer data, which in turn, will allow (us) to further streamline and tailor service offerings to better meet customers’ specific needs.”

EncompaaS CEO Jesse Todd commented: “Our goal is to help organizations discover, understand and enrich their content so they can inform decisions and strategy in real time, and meet their broader obligations more easily, not just records management.”