Enhance Your Underwriting Process With Our Bank Statement Analyser

Streamline your underwriting process to easily onboard creditworthy customers 

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Top Challenges with Traditional Bank Statement Analysis Processes

Manual verification can be time consuming and prone to errors

Manual and resource heavy process

Manual and Resource Heavy Process

Operationally inefficient, manual analysis are huge drain of costs , non-scalable and susceptible to errors 

Physical Document submissions

Physical Document Submissions

Physical Account statement submissions are a huge hassle to maintain for compliance and come with privacy concerns

Huge Productivity

Huge Productivity
Concerns

Traditional process lets the focus shift on non-core verification activities and follow-ups leading to productivity issues

Bank Statement Analyser API Features

Automated Data Extraction

Utilizes OCR technology for accurate data extraction from bank statements.

Credit Risk Assessment

Provides insights into creditworthiness by analyzing spending patterns and financial behavior.

Fraud Detection

Identifies anomalies and potential frauds in bank statements.

Customisable Reports

Generates reports in multiple formats based on user needs.

Integration Capabilities

Easily integrates with existing systems for seamless operations.

High Accuracy

Ensures high precision in data extraction and analysis.

Why Choose AuthBridge’s Bank Statement Analyzer Software?

Automate Your bank account statement analysis for advanced credit risk assessment

API based verification

As per Business needs

Tailored Solution for Banks ,NBFCs and Insurance companies

Designed specifically for the needs of Banks, NBFCs and Insurance, ensuring it aligns with your unique underwriting requirements and processes for loans and policy disbursements

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PEP and sanction

99.9% OCR Accuracy

Accurate Underwriting Risk-Assessment

Leverage intelligent AI/ML and OCR technology to accurately assess the creditworthiness of applicants and identify potential risks , complementing your credit score data.

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ongoing tracking

Actionable Insights

Data-driven Insights and Enhanced efficiency

Unlock valuable insights of spend patterns across lifestyle and leisure from bank statements, enabling you to make informed underwriting decisions and accelerate your onboarding process, enabling faster loan approvals and policy decisions

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Data-driven Insights and Enhanced efficiency

Core Capabilities

Helping you scale creditworthiness checks with minimal risk and cost

Integration

Integrable

Seamlessly Integrable with Web/Mobile app or LoS

reporting

10+ Report Formats

Human and machine-readable report formats

risk watch

6 Month
Retention

6 Months of report retention to ease compliance and records

sanction and watchlist

Custom Reporting

Customized Report with business defined calculations and categorization

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AuthBridge integrates with 170+ APIs - to make your journey smooth.

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FAQs on Bank Statement Analyser API

A bank statement analyser is a tool or software application that helps individuals or businesses analyze 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 behavior.

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

  • Automated Data Extraction

One of the most significant features of a Bank Statement Analyser is its ability to automate data extraction. This process involves using Optical Character Recognition (OCR) and machine learning algorithms to scan bank statements in various formats, such as PDFs, images, and scanned copies. The software extracts relevant financial data, including transaction details, account balances, and personal information, with high accuracy. For instance, our OCR technology achieves 99% accuracy in data extraction, significantly reducing manual errors and time spent on data entry.

  • Comprehensive Analysis

Beyond data extraction, Bank Statement Analysers provide a comprehensive analysis of the extracted data. This includes categorising transactions into predefined categories, identifying income and expenditure patterns, and highlighting anomalies such as overdrafts or unusual transactions. By generating detailed financial reports, these tools enable businesses to gain insights into a customer’s financial behaviour, aiding in credit risk assessment and financial planning. 

  • Multi-format Support

Bank Statement Analysers are designed to handle statements in multiple formats, ensuring compatibility with various banks and financial institutions. This feature is crucial for businesses dealing with clients from different regions and financial backgrounds. The software can process statements from different banks, regardless of the format, ensuring seamless integration and analysis. 

  • Fraud Detection

Fraud detection is a critical feature of Bank Statement Analysers. Advanced algorithms scan the data for signs of fraudulent activity, such as duplicate transactions, forged statements, or unusual spending patterns. This capability is essential for financial institutions to protect themselves from potential fraud and ensure the integrity of their financial processes. 

  • Integration with Financial Systems

To maximise efficiency, Bank Statement Analysers integrate seamlessly with existing financial systems, including accounting software, loan management systems, and Customer Relationship Management (CRM) platforms. This integration ensures that the analysed data flows smoothly into the business’s operational processes, facilitating real-time decision-making and improving overall workflow.

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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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The most noteworthy aspects of our collaboration has been the ability to seamlessly onboard partners from all corners of India, for which our TAT has been reduced from multiple weeks to a few hours now.

- Mr. Satyasiva Sundar Ruutray
Vice President, F&A Commercial,
Greenlam

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