Top Challenges with Traditional Bank Statement Analysis Processes
Manual verification can be time consuming and prone to errors
Bank Statement Analyser for 360-degree view of Financial Health
Leverage advanced AI and ML models trained on over 500 data points to assist banks and financial institutions identify red flags efficiently
Manual and Resource Heavy Process
Operationally inefficient, manual analysis is huge drain of costs, non-scalable and susceptible to errors
Physical Document Submissions
Physical Account statement submissions are a huge hassle to maintain for compliance, and come with privacy concerns
Huge Productivity
Concerns
Traditional process lets the focus shift on non-core verification activities and follow-ups, leading to productivity issues
Trusted by 2,000+ Companies
Bank Statement Analyser API Features
Financial Health Analysis
Data Integration and Collection
Verification and Anomaly Detection
Reporting and Insights
Financial Health Analysis
Utilize advanced analytics to obtain a comprehensive view of a customer’s financial status, integrating multiple data points for thorough evaluation.
360-degree Financial Health:
Leverages data on payment histories, transaction patterns, and account balances to offer a holistic view of financial status
Expense and Income Identification:
Utilizes sophisticated algorithms to accurately identify and categorize income and expenses, giving precise insights into financial behavior and trends
Obligation Identification:
Applies advanced financial models to evaluate debts and liabilities, offering a clear picture of financial commitments and repayment capacities
Data Integration and Collection
Ensure smooth integration and efficient collection of financial data from multiple sources, maintaining high data integrity and accessibility.
Integration into Legacy Systems:
Employs robust integration protocols to seamlessly incorporate financial solutions with existing systems, minimizing disruptions and ensuring continuous operations
API/UI for PDF statements:
Utilizes advanced APIs and user-friendly interfaces to securely gather and validate financial statements in various formats, including PDFs and scanned copies
Account Aggregator Framework:
Uses the Account Aggregator Framework to directly fetch comprehensive financial information from banks, streamlining data collection and ensuring accuracy
Verification and Anomaly Detection
Enhance the accuracy and security of financial data through robust verification methods and proactive anomaly detection technologies.
Identity and Document Verification:
Integrates sophisticated algorithms to verify the authenticity and accuracy of customer identities and documents, significantly reducing fraud risks
ML Anomaly Scan:
Utilizes machine learning to detect and analyze anomalies in financial data, identifying irregular patterns and potential risks with high precision
Bank Details Extraction:
Extracts detailed bank information using secure netbanking protocols, enabling comprehensive analysis of customer accounts
Reporting and Insights
Generate detailed and actionable reports by aggregating and analyzing financial data, providing valuable insights into financial health and behaviors.
Multi-Bank View:
Consolidates financial statements from multiple banks into a single, unified view, offering a holistic perspective on a customer’s financial status
Enriched Reports:
Produces detailed reports on income, obligations, moratorium status, and spending patterns, utilizing deep data analytics for comprehensive insights
Real-Time Decisioning:
Provides real-time analytical capabilities for quick credit assessment and decision-making, improving customer satisfaction and operational efficiency
Core Capabilities
Helping you scale creditworthiness checks with minimal risk and cost
Integrable
Seamlessly Integrable with Web/Mobile app or LoS
10+ Report Formats
Human and machine-readable report formats
6 Month Retention
6 Months of report retention to ease compliance and records
Custom Reporting
Customized Report with business defined calculations and categorization
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Use Cases of Bank Statement Analyser API
Insurance Underwriting
Improve risk assessment during the insurance underwriting process by analysing the financial behaviour and transaction history of applicants, leading to more accurate premium calculations and policy terms.
Corporate Expense Verification
Verify employee expense claims by auditing bank statements to ensure compliance with company policies, reducing the likelihood of fraudulent or erroneous claims.
KYC and Fraud Detection
Automate the verification of customer identity & financial behaviour. This approach ensures adherence to regulatory standards & mitigates potential fraud risks.
Loan Processing
Assess creditworthiness efficiently by extracting and analysing key financial metrics such as income, expenses, and loan repayments directly from bank statements, speeding up the loan approval process.
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Countries
AuthBridge is trusted by over 2,000 clients in 140 countries for their background check needs.
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Customers
Over 2,000 companies, both big and small, are growing their business with Authbridge.
1 B+
Proprietary Data Records
Our database contains over 1 billion proprietary data records for conducting background checks.
1 M+
Monthly Verifications
AuthBridge conducts an impressive volume of 15 million background checks every month.
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Banks and Credit Unions
To streamline loan approval processes, verify income, and assess financial stability of applicants.
Fintech Companies
Including payment processors to verify account activity and prevent fraud.
Human Resources and Payroll
Including HR departments to verify salary deposits and employment status.
Insurance Companies
For claim verification to validate financial history and transaction patterns, and underwriting for risk assessment.
Mortgage Lenders
For accurate and fast assessment of borrower’s financial health and transaction patterns.
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Bank Statement Analyser API: All You Need To Know
This article will explain what a Bank Statement Analyzer is and explain how to do them so you can be confident in your hiring decisions.
Table of Contents
Click a topic to scroll directly to it.
Introduction
Today, financial institutions and businesses increasingly rely on technology to streamline operations and enhance decision-making processes. A Bank Statement Analyser is a sophisticated software tool designed to automate the extraction and analysis of data from bank statements. This technology transforms complex financial data into actionable insights, facilitating better financial planning, risk assessment, and compliance.
Bank Statement Analysers are used extensively by banks, NBFCs (Non-Banking Financial Companies), and other financial institutions to evaluate a customer’s financial health accurately. By leveraging advanced algorithms and machine learning, these analysers can quickly process vast amounts of data, reducing manual effort and minimising errors. This capability is particularly crucial in the current economic environment, where timely and accurate financial analysis can significantly impact business decisions.
Features of Good Bank Statement Analysers
- Comprehensive Data Extraction
Unlock access to over 1,000 financial data points from bank statements, covering key areas such as income streams, recurring expenses, loan repayments, and investments. This extensive data extraction allows for a deep dive into an individual’s or business’s financial health, enabling accurate assessments for credit scoring, financial planning, and risk management. By extracting and structuring this data efficiently, the API helps in generating a comprehensive financial profile that can be used across various financial services and decision-making processes. - Transaction Categorization
Our system automatically categorizes transactions into specific segments like rent, dining, utilities, loan payments, and more. This feature offers clear insights into spending patterns, enabling businesses and financial institutions to understand consumer behavior better. For personal finance management, this categorization helps users track their expenses and manage budgets effectively, while for lenders, it assists in evaluating financial habits that could impact creditworthiness or risk profiles. - Consolidated Account Analysis:
Effortlessly consolidate and analyze data from multiple bank accounts, providing a unified view of an individual’s or business’s financial activities. This feature is particularly useful for customers who maintain multiple bank accounts or switch accounts over time. It ensures that all relevant financial information is considered, offering a complete financial overview that includes every transaction, balance change, and account update, thereby improving the accuracy of financial assessments. - Detailed Financial Scorecard: Receive a thorough financial scorecard in PDF format, offering an instant and comprehensive analysis of bank statement data. This scorecard is designed to be easily interpretable, providing a quick overview of key financial metrics such as average balance, income stability, expense patterns, and more. The scorecard can be used by lenders, credit analysts, or financial planners to make informed decisions, or by individuals to gain a better understanding of their financial health.
- Advanced Fraud Detection:
Identify suspicious activities with sophisticated fraud detection tools, including checks for irregular balance adjustments, unexplained large transactions, and detailed transaction analysis. The API leverages advanced algorithms to detect anomalies that could indicate fraudulent behavior, such as account manipulation or hidden debt. This feature is crucial for financial institutions looking to mitigate risks and protect their assets from fraudulent activities, ensuring that all transactions are legitimate and in line with expected financial behavior. - Integrated Portfolio Overview:
Combine data from various financial instruments like mutual funds, fixed deposits, equities, and recurring deposits, offering a full picture of an individual’s or business’s financial health. This integrated view allows for better investment management and financial planning by showing how different assets contribute to overall wealth. For wealth managers and financial advisors, this feature provides the necessary data to tailor investment strategies and ensure that portfolios are balanced and aligned with the client’s financial goals. - Tailored Analysis Rules: Customize the analysis framework to fit your specific criteria, incorporating unique risk models and decision-making policies. This flexibility allows financial institutions to tailor the API’s output to meet their precise needs, whether it’s for underwriting, credit scoring, or compliance purposes. By integrating proprietary risk assessment models, businesses can ensure that the analysis aligns with their internal standards and policies, leading to more accurate and relevant financial insights.
- UPI Transaction Analysis:
Dive deep into customer behavior by analyzing UPI transactions, providing actionable insights into digital payment trends. As UPI becomes increasingly popular for everyday transactions, understanding these patterns can help businesses tailor their products and services to meet consumer needs. This analysis can reveal spending habits, preferred merchants, transaction frequency, and more, offering valuable data for banks, fintech companies, and merchants looking to optimize their offerings based on real-time customer behavior. - Streamlined Email Retrieval:
Simplify the process by easily fetching bank statements via email, making it convenient for both you and your clients. This feature reduces the hassle of manually downloading and uploading bank statements, streamlining the data collection process. It is particularly beneficial for financial institutions that require consistent access to up-to-date financial data, as it ensures that the latest bank statements are always available for analysis without additional effort from the user. - Cost-Effective Solution:
Our platform offers excellent value by delivering high-quality analysis and insights at a competitive price point. This cost-effectiveness allows businesses of all sizes to leverage advanced financial analysis tools without significant investment, making it accessible to startups, small businesses, and large enterprises alike. By combining affordability with robust functionality, the API helps organizations optimize their operations, reduce costs, and improve decision-making without sacrificing quality.
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Benefits of Using a Bank Statement Analyser
Accuracy and Efficiency
Bank Statement Analysers significantly enhance the accuracy and efficiency of financial data processing. Manual data entry is prone to errors, which can lead to incorrect financial analysis and decision-making. Automated analysers eliminate these errors by ensuring precise data extraction and categorisation.
Time-Saving
Automating the extraction and analysis of bank statements saves considerable time for financial institutions and businesses. What used to take hours or even days can now be completed in minutes. This time-saving is crucial, especially during peak periods such as the end of the financial year or during loan processing times.
Better Decision Making
With comprehensive and accurate data at their disposal, businesses can make more informed decisions. The detailed financial insights provided by Bank Statement Analysers aid in assessing creditworthiness, identifying financial trends, and planning future financial strategies. For instance, lenders can better evaluate a borrower’s financial stability and repayment capacity, leading to more accurate credit risk assessments.
Superior Experience
Bank Statement Analysers also contribute to an enhanced customer experience. By speeding up processes like loan approvals and account reconciliation, these tools reduce waiting times for customers. Additionally, the accuracy of data processing ensures that customers receive reliable information and services, building trust and satisfaction.
Use Cases of Bank Statement Analyser
1. Loan Processing
In the lending industry, Bank Statement Analysers play a crucial role in streamlining loan processing. By quickly extracting and analysing financial data from bank statements, these tools provide lenders with a comprehensive view of an applicant’s financial health. This includes evaluating income patterns, and expenditures, and detecting any irregularities.
2. Credit Risk Assessment
Credit risk assessment is a vital process for financial institutions to determine the creditworthiness of borrowers. Bank Statement Analysers provide detailed insights into an individual’s financial behaviour, including regular income, spending habits, and any red flags such as bounced cheques or frequent overdrafts. This comprehensive analysis helps lenders make informed decisions, reducing the risk of default.
3. Financial Planning
Financial planners and advisors use Bank Statement Analysers to offer better advice to their clients. By analysing historical transaction data, these tools help in understanding spending patterns, identifying areas for savings, and planning for future financial goals. This data-driven approach ensures that financial advice is tailored to the client’s unique situation.
4. Account Reconciliation
Businesses use Bank Statement Analysers to streamline account reconciliation processes. By automatically extracting and categorising transaction data, these tools help in matching bank statement entries with internal financial records, identifying discrepancies, and ensuring accuracy in financial reporting. This automation reduces the time and effort required for reconciliation, enhancing overall efficiency.
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FAQ's of Bank Statement Analyser API
A bank statement analyser is a tool or software application that helps individuals or businesses analyse and interpret their bank statements. It automatically extracts transactional data from bank statements.
A bank statement analyser is important because it provides users with a clear overview of their financial transactions and account activity. By using a bank statement analyser, users can gain insight into their financial habits.
A bank statement analyser typically works by importing bank statements or connecting to users’ bank accounts to retrieve transactional data.
The key features of a bank statement analyser may include transaction categorization, expense tracking, budgeting tools, financial reports, alerts and notifications, data security, and integration with other financial tools.
Designed specifically for the needs of Banks, NBFCs and Insurance, ensuring it aligns with your unique underwriting requirements, leverage intelligent AI/ML and OCR technology of AuthBridge to accurately assess the credit worthiness of applicants and identify potential risks, unlock valuable insights of spend patterns across lifestyle and leisure from bank statements.
It automates bank statement analysis using AI/ML and OCR technologies to assess credit risk and detect fraud.
Banks, NBFCs, and insurance companies primarily use this tool for underwriting and creditworthiness evaluation.
It provides customizable reports in multiple formats, offering insights into spending patterns and financial behaviour.
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