How Can Bank Statement Analyser Tool Help You in Sanctioning Business Loan?

Artificial intelligence is redefining how industries operate at the surface level. The wave of digitisation has pushed businesses to provide their tech-savvy customers with cutting-edge services. The banking sector is adapting to the changing dynamics.

The global AI in the banking industry was recorded at $3.88 billion in 2020 and is expected to reach $64.03 billion by 2030 (alliedmarketresearch).

Introducing the Bank Statement Analyser tool has been game-changing for the banking sector. Reading bank statements is a time-consuming and tedious task, and it can be easy to slip past an error.

That’s where the Bank Statement Analyser tool comes in.

What does a Bank Statement Analyser Do?

A bank statement is detailed data of monthly financial transactions. It reflects several aspects of a financial situation, including remaining balances, deposits, withdrawals, penalties, and much more.

Bank Statement Analyser tool conducts an analysis of a borrower’s financial transactions i.e., outflow or debit and inflow or credit over a period of time based on their bank statements. Bank statements show the accurate picture of the financial situation.

For instance, Precisa’s online Bank Statement Analyser tool helps you cut down manual labour spent on verifying creditworthiness and spending patterns from the bank statement. You get in-depth results in minutes. The tool also comes with several in-built security checks and provides you with a loan repayment probability score called Precisa Score and other data metrics.

Features of Bank Statement Analyser Tool

It is truly said that time is money. Helping lending institutions and borrowers cut down their precious time, investing in a statement analyser tool is one of the smartest decisions.

Here are some features of analyser tools that make the process smoother, quicker, and beneficial for both parties involved.

1. Quicker Results 

Banks currently rely on offline bank statement analysis that is largely done by hundreds of employees who transcribe the data scattered across pdf statements into excel spreadsheets. This conversion from pdf to excel is prone to errors and delays.

Moreover, bank statements can vary significantly in the ways that transactions are recorded, and the way that bank balances are reported. Every bank has a different format for presenting details, making them unique and hard to analyse.

To solve this, automating the collection of bank statements online can make it easier for borrowers and lenders. The turnaround time for processing loan applications is significantly reduced.

2. Risk Reduction 

The Bank Statement Analyser tool gets tabular data extracted from PDF formats that can be scanned easily. Parsing information from a PDF can be a challenging task and is often troublesome. With a Bank Statement Analyser tool, the risk of missing errors is reduced, and you get highly accurate data free of errors.

Borrowers might have existing liabilities and recurring payments that may impact their ability to repay a loan. The tool helps lenders assess this as well.

3. Score For Creditworthiness

Bank Statement Analyser tool can help track a prospective borrower’s credit history and the status of previous payments. The tool can track payments, missed payments, and other important information that help ensure whether payments were made on time or not.

Precisa’s Bank Statement Analyser tool comes with a loan repayment probability score known as the Precisa Score. This helps lending institutions and borrowers understand where they stand in terms of creditworthiness.

When Should You Use a Bank Statement Analysing Tool? 

Bank statements are a great way to see your business growth and how your expenses are related to your income. You can use the analysing tool to:

•  To make an unbiased opinion on the credit worthiness of the applicant.

•  For Verifying transactions of current customers.

• To gauge the probability of repaying the loan.

What Are the Benefits of Using BSA? 

The tool has repeatedly proven its worth by delivering precise, timely, and error-free analysis, helping institutions make better decisions. Here are some other benefits of using a Bank Statement Analyser (BSA)

• It is a powerful tool that targets carefully collected statements from banking institutions. It includes the public and private sectors, the cooperative sector, and top international banks.

• This bank statement analyser tool decodes the intricacies of different transactions and produces an accurate report.

• The results are thorough and contain in-depth analyses of numerous parameters.

Conclusion 

A Bank Statement Analyser tool seems to be god-sent for many clients. Minimising manual input and offering insightful analysis in real-time delivers the promise of better and faster digital banking.

Precisa’s Bank Statement Analyser tool is an AI-powered analytics platform designed to catch any errors in bank statements in real-time. Precisa can help you make smarter and quicker lending decisions. For more information, email us at contactus@precisa.in