Automated bank statement analysers have become the engines that drive borrower assessment. A BSA allows you to flex your analytical muscles and put creditworthiness under scrutiny. But not all bank statement analysers are made equal. Here’s why Precisa is better than the others.
9 Features that make Precisa Outperform other BSAs
Precisa bank statement analysis outdoes other BSAs in multiple aspects. It provides in-depth credit evaluation at the distinct bank account level and across all bank accounts belonging to individuals or businesses. From the technical perspective, Precisa uses a single API call to fetch all transactions for a bank account and in a report.
1. Mature API Availability
Precisa has a mature Application Programming Interface or API. It’s easy to integrate into any existing application and delivers the best user results through secure data transmission. The mature API ensures a fast, robust, and hassle-free solution. Moreover, it’s a scalable interface that allows for advanced credit analytics and effortless end-to-end financial operations management.
Read more about how APIs accelerate banking innovation securely and cost-effectively.
2. Accurate Auto-Detection of Bank and Account Details
What bank statement analysis is to creditworthiness, verifying bank details is to bank statement analysis. Each is crucial for the other. Precisa automatically extracts bank and account attributes within seconds of a statement being uploaded. It does so with over 90% of bank details and at an accuracy rate of 80%. It also swiftly generates a report with the account number, type, branch, IFSC, and transaction details for verification and analysis.
3. Best in Class Categorisation
Financial institutions do not follow a standard format to narrate transaction history, which makes categorisation and interpretation an uphill challenge. Precisa detects the transaction formats of all bank accounts and accurately places them in the right categories.
Currently, Precisa has 35 inflow categories and 51 outflow categories, facilitating comprehensive and detailed segregation. A Precisa user can filter the categories, such as monthly expenses, and view them individually for a more in-depth assessment and analysis.
4. Top-Notch Counterparty Detection
Precisa offers the best-in-class counterparty tab with detailed data on the benefactors and recipients of a business. The information, split into credit and debit transactions, shows the counterparty’s name, the amount paid or received, what per cent they make of the total inflow or outflow amount and the total number of transactions conducted with the counterparty.
The monthly counterparty tab is extremely useful in identifying recurring revenue contracts. It becomes your lens for understanding the financial health of the entity.
5. eStatement Authenticity & Penny Drop Account Verification
Precisa can verify bank account authenticity and sieve through fraudsters. The bank statement analyser uses Penny Drop, sending one rupee to the user’s bank account to verify the bank accounts mentioned in the statement.
In addition, Precisa carries out a battery of format and data checks on PDF files to weed out fraudulent activity. The tests help identify manipulation or tampering of the statement and unexpected behaviour. Precisa also gives an authenticity rating of Original, Review, Unknown, or Fraud to help make data-backed lending decisions.
Read more about Precisa’s fraud detection capabilities here.
6. Account Aggregator Ready
Precisa comes ready to be plugged into the Account Aggregator Framework. Say, a Loan Origination System (LOS) needs to check the creditworthiness of a borrower. Once the user consents to share the bank account data, the LOS fetches the data and relies on Precisa to classify and categorise it. The bank statement analyser then performs analysis to detect anomalies.
Finally, it provides the LOS with actionable insight to take an error-free and real-time call on whether to approve the borrower or not. Because Precisa is AA ready, it speeds up the loan application process for others and reduces the risk attached to it.
7. Precisa Score
Another feature that helps Precisa outshine other BSAs is the Precisa Score, which denotes the overall creditworthiness of the individual or business under review.
The bank statement analyser calculates the score, which ranges from no-risk to high-risk, using a proprietary algorithm. The algorithm factors in multiple signals like overdraft and credit utilisation rates, volatility, and suspicious activity.
8. Broad Bank and Format Coverage
Precisa supports over 350+ Indian banks and 700+ formats, along with international banks and their formats. You can also add a new bank format to the bank statement analyser, with support for it available within 4 to 8 hours.
9. Quick Onboarding with Unlimited Users
It only takes minutes to sign-up for Precisa, and the BSA is ready for use, providing immediate value. The platform is easy to use. Once you upload bank statements, the intuitive dashboard presents actionable, real-time, and visually appealing insights. Besides, you can add as many users as required. For a team of 10, you can create 10 Precisa User Accounts. For a team of 75, you can create 75!
Precisa: A BSA in a Class of its Own
Precisa combines powerful technology to solve all the pain points that lead to dissatisfied customers for financial institutions. In addition, the completely automated bank statement analyser comes with transparent pricing and no hidden charges.
Plus, it has tailored pricing models because different users have different needs. So, Precisa offers plan customisation based on requirements. Give the 2-week free trial a shot and see for yourself what puts Precisa BSA in a class of its own!
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