Introduction

In the 21st century, institutions providing financial solutions like bank, NBFC, insurance, mutual fund, fintech or wealth management services to individuals or corporate’s face significantly time consuming and manual processes to deliver their services. To tackle this issue in the digitizing world is an important task adding value to every financial institutions. In case of an individual ready with his application to avail any of the above services, he/she has to wait for several days for their approval to come through. Wouldn’t one prefer getting this approval instantly. Complete Analysis of credit worthiness, fraud checks and bank statements.

Product description

Determining the monthly repaying capacity of a customer, bank statement analyzer has an absolute requirement in today’s fintech companies. There is no accurate measure to monitor income and timely repayment. Bank statement analyzer predicts the worthiness of an individual and his/her credibility for a loan, after analyzing considerable number of bank transactions, with assistance of complex algorithm, text extraction, data categorization and smart analysis techniques.

It is recommended to provide a bank statement of 3 to 6 months.

Features

  1. Analyzing the saving, buying and spending behavior of the individual.

  2. Indication of side businesses of the individuals

  3. Date range of the individual to repay and recurring payments timelines

  4. Current loans and their status updates

  5. Cash and non-cash transactions

  6. Default payment analysis

Usage

The predictions could typically provide sources of income, fixed merchant transactions, operational expenses, daily-monthly-yearly recurring transactions, debt (if any) and default payments (if any).

Each bank transaction is an input segregated to generate insights. The consistency is checked, labels are assigned against each transaction and eventually grouped.

Process/activities

  • Input:
    • 3 to 6 (recommended) months of Bank statement in PDF
  • Output:
    • Sources of earning
    • Merchant transactions
    • Operational expenses
    • Recurring transactions
    • Debt (if any)
    • Default Payment (if any)