Automation and AI have brought about optimistic revolutionary changes in the banking, finance and insurance sector. Today's organizations leverage next-gen technologies like Artificial Intelligence (AI), Machine Learning (ML), and intelligent Automation (IA) for the seamless execution of their business processes. Gone are the days when just hard work was the key to an organization remaining competitive, optimizing costs, and boosting its performance. It's time to supplement hard work with smart work to deliver the next wave of productivity and improvement in customer experiences.
With automated bank statement software, organizations can capture and intelligently assort bank statement data ensuring error-free entries. Process reports without or with very little human intervention in lesser time with higher accuracy and frees-up employees for higher-value work that requires human expertise. Learn how bank statement software can be a fruitful addition to your toolbox.
A bank statement is a financial document containing a list of all transactions made in a given period. It includes the bank's name, account holder name, account number, statement period, opening balance, closing balance, and other key details needed by organizations, lenders, or individuals for bank statement data processing.
Organizations often carry out this processing when they have to verify proof of employment, assess the creditworthiness of individuals, and analyze other financial data before approving loans.
Often organizations might request bank statements for up to two to three months. The traditional manual processing and analysis method tends to consume significant time in today's fast-paced world. Moreover, manual bank statement processing brings along other limitations as well, including:
An automated bank statement software employs Intelligent Document Processing and OCR technologies to extract data from bank statements. It then converts the information into digital formats such as JSON, XML, and others as per your requirement. An efficient bank statement processing software helps convert pdf bank statements to actionable versions. Moreover, you can use them to extract data from images.
Bank statement software has an easy-to-use interface. It allows you to convert bank statements to Excel, CSV, or JSON files with a few clicks. Following are the steps involved in processing bank statements using the software:
The software uses OCR or Optical Character Recognition technology as well as a reverse image search method to scan documents and extract data from them.
Neural networks and advanced intelligence in the software accurately read the data on the scanned document. It allows you to edit the digital file wherever required.
The bank statement software may ask you for field validation. This step ensures that the software assigns the right attributes to the extracted data.
The intelligent software captures the data and puts forth suggestions to enhance readability or rectify errors. You can either approve or reject the suggestions. Thus, any data will not be altered without bringing it to your knowledge.
With everything in place, you can assess the document and download the file in the preferred format. You can also export the file to software of your choice.
The financial world has no space for accounting errors, as even the minutest of errors can lead to fatal consequences and tarnished reputations. Therefore, switching to reliable bank statement software for all the processing is a must. Some of the key benefits of using the software are as follows:
With real-time fraud detection and 10X faster processing, bank statement software is the ultimate choice of top organizations. Streamline your financial processing with the software instead of assigning your skilled professionals to mundane tasks. It's time to employ human efforts on issues that require expertise in order to stay ahead of the competition!