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Bank Statement Analysis

1. What is Precisa Report?

To analyse bank statements of an individual or business, you have to create a Report in Precisa. A Report contains Bank Account(s) and corresponding bank statement file(s). Here’s an example to illustrate the structure of a Precisa Report:

2. In what formats can bank statements be uploaded? 

Precisa supports Bank issued eStatements in PDF, xls, csv & txt formats, and Scanned Statements in PDF, PNG, JPEG & JPG formats.

 

3. Can scanned bank statements be uploaded?

Scanned bank statements are not supported at the moment. Contact us at support@precisa.in to know the target release date for scanned statements supprt.

 

4. What is Precisa Score? 

Precisa Score denotes creditworthiness of the Bank Account Holder(s). This score is computed by Precisa’s proprietary algorithm based on various signals like average daily balance trend, suspected fraudulent activities, OD/CC utilization, volatility, circular transactions and many other parameters. Computed scores could range from 0-1000 where 1000 means “No risk” and 0-499 means “High risk”.

 

5. What is Volatility Score?

Volatility Score denotes the stability of inflow, outflow activities taking place in the Bank Account(s). This score ranges from 0-1 where 0 means stable account(s) with consistent inflows and outflows. A score of 1 on the other hand means there are too many and inconsistent inflows and outflows. The account fluctuates a lot.

 

6. What are Suspicious Activities?

Precisa checks for patterns in the bank transactions that are indicative of irregularities or attempts to mislead with an intention of getting a favourable review decision and flags them as Suspicious Activities. Cheque deposits & Salary credits on bank holidays, Round figure tax payments, Equal debits & credits, More adhoc cash deposits vs salary, RTGS txns below ₹2,00,000 are some of these patterns highlighted under Suspicious Activities.

 

7. What are Circular Transactions?

You can analyse bank statements belonging to multiple Bank Accounts in a single Precisa Report. For example, if there are two two applicants for a Business Loan, you could analyse the bank statements of both the applicants in a Precisa Report. In this scenario, our Bank Statement Analyser provides analysis at individual Bank Account level and for all Bank Accounts. 

Precisa detects incidences of back & forth cash flow between the Bank Accounts for a given amount on the same day or next day and flags them as “Circular Transactions”. You can use this information to investigate if these intra account transfers are occurring for genuine business purpose or if these are spurious transactions aimed at giving an impression of higher cash flow in the Bank Accounts.

 

8. On what basis are transactions tagged as business inflow and outflow?

Transactions not related to business operations like maturity of fixed deposit, recurring deposit payment, capital infusion and the like are removed and all other transactions are considered business cash flows.

 

9. Does Precisa identify fraudulent or tampered bank statements?

Precisa offers a balance vs computed balance mismatch analysis which can highlight any gaps in the statement and is indicative of tampering.

 

10. Can Precisa categorise transactions in the Bank Statement based on narration?

Each transaction in the bank statement is tagged based on the type of transaction as debit or credit, mode of payment, nature of the transaction like salary, electricity bill payment and so on. Tags are then grouped into categories. For e.g., electricity, water, gas bill payments are categorised as “Utilities”.