Actionable Intelligence from Bank Statements

Faster, Cheaper and Accurate Loan Decisions

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.

Use Cases

Extraction of Key Information

Bank name, address, account number, IFSC code, MICR code, customer name, address, statement duration, opening and closing balance

Income Identification and Classification

Transaction wise credit amount, transaction categories (Salary, Bonus, NEFT, NET, UPI, IMPS etc), total credit amount

Obligation Identification and Classification

Transaction wise debit amount, transaction categories (POS, ATM, ATL, OS etc), total debit amount

Veracity and Variety

Achieve near-100% accuracy, process digital pdf format, scanned images, mobile photos and transcripts. Supports all major Indian Banks and easily extended to banks elsewhere.

Seamless Integration

API for seamless integration with existing banking applications. JSON, XML, CSV interfaces

Meaningful Insights

Customizable rule engine for credit risk assessments, rich reports and charts for easy visualization

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