Extracting Data from Bank Statements with Intelligent Document Processing

• Make lending decisions faster and more reliable by automating data extraction from bank statements.
• Identify, classify, and validate bank statements as per your process requirements.
• Ready-to-use, pre-built bank statement extractor that requires zero training data.
• Plugs into your existing systems and processes.

What are bank statements?

A bank statement is a monthly financial document that provides a summary of the account holder’s activity. Bank statements are generally prepared by the bank for the account holder at the end of each month. Bank statements can be found online via online banking or be obtained from a branch of the bank. They are also commonly known as account statements or transaction summary statements.

What can you infer from bank statements?

Bank statements hold the data that tracks an individual's or business's cash flow. It is used to predict spending potential, document expenditure, assess income or profit, and maintain records of all transactions. A bank statement contains information about an individual’s financial health and credit reliability which is essential for all lending decisions.

Who uses bank statement data?

Bank statements are used in various industries to assess and validate their consumers and their claims. Bank statements are most used by:

• Mortgage Providers
• Government Agencies
• Banks
• Private Lenders
• Tax Services
• Auditors
• Insurance Providers

Where are bank statements used?

Bank statements are often used to verify the creditworthiness of an individual or business. They are also used to verify the expenses and assets of individuals. Bank statements are generally used for:

• Mortgage Applications
• Refinancing
• Small Business Loans
• Visa Applications
• Credit Card Applications
• Tax Filing & Auditing
• Insurance Claims

What are the challenges in extracting data from bank statements?

Our client, a world leader in withholding tax recovery services, has periodic cycles throughout the year when they receive thousands of high-variation documents that need to be identified, sorted, and routed. As they depended on manual processing for this, each document took about an hour to be processed.

What is intelligent automation of bank statement extraction?

Intelligent automation of bank statement extraction refers to using artificial intelligence and machine learning technologies to automate data extraction from bank statements. By using Infrrd IDP for bank statement data extraction, financial companies will be able to make faster and data-driven lending decisions. Our platform provides granular-level access to the data in bank statements such as validating the recency of the statements, identifying transaction categories, and deriving values based on pre-set conditions.

Here is a comparison of the benefits of manual processing of bank statements against human-steered Infrrd IDP

What are the benefits of automating bank statement data extraction?

• Fraud and suspicious activity detection
• Data protection
• Eliminate error oversight
• Data Intelligence
• Credit Card Applications
• Faster approvals