Actionable Intelligence from Bank Statements
To process loan applications, consumer lending companies rely on information in the applicant’s bank statements and salary slips. To arrive at judicious lending decisions, it is critical to accurately identify and understand pertinent data related to the applicant's income, deduction, financial liability, cash flow, expense patterns etc
Here, the principal challenge is to tackle the diversity of bank statements—their layout, format, and terminology vary significantly across banks. Manual data extraction from such documents is error-prone, cumbersome, and time-consuming.
The inefficient process is thus unsuitable for financial institutions handling thousands of applications every day.
Modernizing processing of bank statements is imperative to capitalize on the ever-growing personal credit requirements, reduce default possibilities and create new products. Financial businesses need transformational approaches to fulfil market expectations and achieve higher efficiency, profitability, and market share.