Every active company must produce scannable records of its financial performance for audit, review, and improvement purposes. Hence, financial statements are written documents that describe a company’s operations and financial performance. Government authorities, accountants, corporations, and others frequently audit financial statements to verify accuracy as well as for taxation, financing, and investment purposes. Cash flow […]
The pandemic has not only redefined public health concerns but also shuffled economies. Even when lockdowns wane, consumers struggle to regain a foothold on finances and cut back on discretionary spending. Consequently, newer lending trends in sync with time are bound to rise. Digital financial services, for instance, are in the spotlight due to the […]
Bank statement analysis involves parsing the bank statements to derive insightful conclusions about the borrower’s creditworthiness. But the task of processing these statements is not easy. Lenders are bogged down with processing bank statements that are often either in physical papers or PDF formats, which require further processing. Physical paper bank statements are required to […]
The lending business is the backbone of most of the projects in the economy. From lending to acquaintances in distress to now a full-blown industry, this practice has witnessed a significant evolution. Despite being a lucrative practice, this industry does not fail to witness multiple scams and deliberate defaults. Such defaults only make lenders wary. […]
Bank Statement Analysis plays a crucial role in loan sanctioning. It is one of the practical ways to study the financial behaviour of the loan applicant. It gives a comprehensive picture of the customer’s economic history consisting of available balance, deposits, withdrawals, interest, service charges, penalties, overdrafts, and so on needed to vet the creditworthiness […]
Precisa’s automated bank statement analyser can quickly parse through data, extract vital information, analyse transactions, and aid decision-making. Through its AI-powered engine, Precisa aims to accelerate bank statement analysis with intelligent document processing and data extraction capabilities. In conjunction with a load of powerful features that scrutinise transactions and present actionable insights to lenders, Precisa […]
Precisa is an automated bank statement analysis platform that provides real-time bank statement analytical capabilities and reduces the need for manual intervention. Along with a host of beneficial features to make the evaluation process easy, Precisa has now integrated Scanned Document Parsing. With this new feature, lending institutions can conveniently upload bank statements in a […]
For banks and Non-Banking Financial Companies (NBFCs), lending is one of the key business areas. Lending is perhaps their primary source of revenue and also the most profitable. In recent years, the lending process has also become a lot easier, resulting in a surge in the number of borrowers from all sectors and divisions. With […]
As per the Reserve Bank Of India’s FSR report released in January 2021, the GNPAs (Gross Non-Performing Assets) of the Scheduled Commercial Banks may be at the level of 13.5 percent by September 2021 under the baseline scenario. This clearly rings an alarm for all the lending institutions to make wise credit decisions by properly […]
Circular transactions are a type of fake transactions between companies that are part of a single group or under single ownership control. This practice has been proclaimed as a scam and a punishable crime by financial regulators in most countries, including India. Picture a scenario where Company A sells goods to Company B. Company B […]
