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 […]
Banks have a plethora of data waiting to be organised. We might think since the banks have so much data, they are ready to use Business Intelligence to make the best of it, but it is just the tip of the iceberg. The problem with the available data is that there is only a large […]
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 […]
After the second wave of coronavirus, economic growth has stalled all over the nation. As the markets are opening up once more, there are hopes for a fresh start, but everyone is even more cautious this time, especially in the lending sector. In such a case, how can formal credit markets extend credit to borrowers […]
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 […]
Bank transactions can reveal a customer’s preferences, spending patterns, and risk factors if you can create structured features from their unstructured text. Precisa automatically detects the context or purpose of transactions in the bank statement based on its description. For example, if the transaction is ECS/BAJAJ FINANCE LI/7UPBFR809765435 Precisa will automatically detect that this payment […]
The throbbing heart of banks and NBFCs is the process of lending money. It drives their revenues and keeps the ship sailing. The value of loans in India increased 5.70 per cent on a year to year basis by June 4th 2021 (source: Reserve Bank of India). But the alarming rates of bad loans and […]
The financial services sector has witnessed a steep rise in digitisation with a lot of fintech companies paving the way forward. People today prefer going online for availing all the banking services, right from opening a new bank account to checking their transactions, from depositing money to opting for a Fixed Deposit (FD) or even […]
There may be several instances when a business owner is on the lookout for funds for their enterprise. Maybe they want to scale the business or fund an expensive machinery purchase, or take their products into a newer market. Whatever be the reason, the entrepreneur will need a loan to take the business to a […]
