EncompaaS to automate compliance at Bendigo and Adelaide Bank

Bendigo and Adelaide Bank has chosen the Australian EncompaaS enterprise compliance platform to automate its regulatory and business governance obligations for electronic documents as it moves to shift 50 percent of its applications to the cloud over the next three years.

The new SaaS EncompaaS platform will allow the Bank to automatically manage its obligations in relation to electronic documents within its Microsoft cloud-based environment, which will in turn, strengthen the Bank’s governance, compliance and security, and further improve productivity and business agility. 

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

Leveraging Artificial Intelligence (AI), Machine Learning (ML) and automation, EncompaaS will allow the Bank to more efficiently discover, analyse, enrich and manage its electronic documentation at scale, and according to its governance policies. EncompaaS will also support fraud management by preventing the unintended deletion of records and providing detailed audit trails.

Auto classification will be a key focus of the EncompaaS implementation, with AI and ML used to identify and classify documents as they are created. This will remove the need for Bendigo and Adelaide Bank team members to manually classify documents, which will make the process faster, more accurate and improve overall compliance.

EncompaaS’s metadata enhancement capabilities will also round out the migration of records into the Microsoft 365 environment by recognising and extracting key customer identifiers and other metadata from the original documents – something not previously possible with standard migration tools.

“At Bendigo and Adelaide Bank, innovation is at the core of everything we do, so as to ensure we remain relevant in the eyes of our customers,” said Andrew Cresp, Chief Information Officer, Bendigo and Adelaide Bank. 

“Our technology and transformation strategy is centred around reducing complexity, building digital capability, and delivering new services for our banking customers. This strategy is helping us simplify and optimise our business by allowing us to use automation and digitisation to drive value from our technology investments. 

“The EncompaaS compliance platform is a tool which will greatly increase Bendigo and Adelaide Bank’s ability to understand, manage and analyse its customer data, which in turn, will allow the Bank to further streamline and tailor its service offerings to better meet our customers’ specific needs,” said Cresp.

“Bendigo and Adelaide Bank – and other leading organisations that have recently joined the EncompaaS community – demonstrate the innovative and forward thinking required to get ahead of the information governance curve in a digital world,” said EncompaaS CEO Jesse Todd.

“Most organisations we talk to are struggling to keep up with today’s complex data and regulatory requirements, let alone leverage the value of their content to make better decisions and deliver better services to customers,” said Todd. “Our goal is to help organisations 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.”