Jason talks to Will Robinson, CEO of Encapture. The company brings machine learning to banks and lenders to help them understand what is going on with their data and make better decisions. Anywhere anyone signed, any place someone showing up and having to fill out paperwork or submit supporting documents to do something at a bank is where Encapture can get involved.
Episode Highlights
- 0.58: Encapture is a machine learning platform in the intelligent document processing space. They are good at finding and extracting important info out of documents.
- 4.02: Will explains how they collect documents required for loan processing and helps to save time and manual effort.
- 7.36: The big impact over the last several years is the ability to read through unstructured documents, says Will.
- 14.00: Will explains why it is important to feed really good clean data into your model in the first place.
- 15.45: Jason talks about how the relative tightness of Encapture's data set really does play in quite well into being able to have that human versus machine interaction.
- 18.10: Will explains how some of their prospects are familiar with machine learning, how it works, and they understand kind of the limitations of it doesn't do everything and it doesn't do everything 100% accurately.
- 23.37: Will says that they kind of take the mindset if we can go solve everything there is to solve with the current product they have, then they will think about doing more.
- 25.39: As per Will getting people to really buy in and believe into where they are going has been harder than he had thought.
- 27.17: Will says there are so many problems out here. So many things to get solved and the way that we even solved them, we are getting better at that.
3 Key Points
- Will shares how they are using machine learning to save lot of time and effort in data processing.
- Will explains how training a machine learning system is very similar to feeding it data. There are different methods of training where you feed it massive datasets, like thousands or 10s of thousands of samples of documents and you let the machine learning kind of figure it out on its own and come back to you with results.
- Will explains how they are not making decisions about credit or about new account openings, they are simply looking for the data in the documents and making that hunt and peck a lot more efficient.
Tweetable Quotes
- "Our focus of the last several years has been in developing our own technology and trying to find some compelling sticky use cases in the financial services space to apply our tech." - Will
- "There are probably 30 examples that we can give as tangible to bank and so much of it is dependent upon who are we talking to in that meeting." – Will
- "It's incredible how far machine learning has come to mimic kind of a natural conversation between a system and between a person." - Will
- "There is a super long tail of community banks and kind of smaller regional banks that would love this technology that has never been exposed to it at all." - Will
Resources Mentioned
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