A bank statement is one of the most reliable sources for a lender, a bank, an NBFC, or any other financial institution to see all of a borrower’s transactions. Hence, there is a critical need for an application that can automate this procedure and create reports/scores in order to assess a loan borrower’s creditworthiness. Bank […]
Precisa is a comprehensive AI-powered analytics solution that allows users to analyse bank statements in real-time to check borrower credibility for quick, accurate loan approvals. The most important step for bank statement analysis is verification of bank account number, account type, IFSC code, branch, and transaction details. These details are important to primarily verify the […]
Banking, when it began in 13th century Italy, was personalised service. After the Industrial Revolution, when demand surged, that service became standardised and became available to the masses. The next big disruption in banking came when information technology emerged. Processes became more efficient, and profit margins fattened. Again, however, the change was inside-out, meant to […]
With the advent of the Internet of Things (IoT), Artificial Intelligence (AI), chatbots, among others, you can say automation is everywhere. For example, underwriting used to be a time-consuming and lengthy process for customers who relied on traditional banking and other offline sources for loans. However, with digital platforms now making lending available, underwriting has […]
Manually assessing data from the Bank Statement PDFs is a strenuous and time-consuming process. Automated Bank Statement Analysis tools on Precisa allow its users to extract the data and categorise them and facilitate more detailed segregation from the bank statements. Why Do We Need a Category View? Different public and private banks have various formats […]
Global loan defaults have increased at a faster rate than they were before the pandemic. Direct consumers and small businesses are still struggling to pay back loans, which is unlikely to improve very soon. While retail lending accounts for 22% of total bank lending and 3.7% of total NPAs, personal loans, home loans, and vehicle […]
Digital lending in India is undergoing intense activity given the massive opportunity the sector presents. According to BCG estimates, total digital retail loans could cross the $1 trillion mark in the country by 2023. With that as the backdrop, let’s look at the use cases that drive this juggernaut. Digital Lending Models Available in India […]
Gromor Finance is a lending company that provides secured and unsecured financing to unassisted enterprising entrepreneurs of India, who are otherwise excluded from the lending landscape. Through simple lending processes, Gromor aims to give them the right impetus to move forward. Now, being in the lending business, Gromor’s operations rely on analysis of bank statements […]
Account Aggregator Framework, launched in Sept. 2021 at a virtual event, is a novel technology architecture and part of India Stack – a collection of open-source APIs by GOI. Account Aggregator (AA) is a framework that provides an overview of all your financial data like income tax returns, monthly salary, accounts statements, and other information […]
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 […]
