Loans is the process of providing financing to borrowers that commit to do repayment within a certain amount and time. In determining whether the applicants qualified to receive a funding, the loan company conducts evaluation, commonly referred as underwriting, to gain profound comprehension of the customer’s financial health. The applications that are submitted by potential customers comprises several documents, including bank statements. It is demonstrated that bank statement is a fundamental aspect in loan approval. Thus, bank statement analysis needs to be accurate and efficient to guarantee the smooth loan progressing until it’s settled off.
How Does Underwriting Bank Statement Work?
Before activating a loan, banks must ensure the reliability of customers through reviewing their financial statements. Underwriting that holds a crucial stage in loan processing typically involves several steps:
- Application Submission: The applicant collects a set of loan proposals including bank statements to apply for lendings to the lenders institution.
- Risk assessment: From the incoming documents, the bank will undertake comprehensive analysis to evaluate financial history and forecast potential risks.
- Validation: During the evaluation process, the data will also be validated by conducting direct surveys or verification from related parties.
- Setting agreement: After all the data is confirmed and meets the requirements, the borrower determines the loan arrangement including interest rate, repayment terms, penalty, and more.
- Final approval: Upon mutual acceptance of the contract, the loan approval will be granted and legally issued.
Efficient Bank Statement Analysis & How Fintelite Can Help
Evaluating the trustworthiness of prospective borrowers and ensuring it runs efficiently is important. However, often analysis that majorly involves manual methods takes a long time, considering that the number of applicants is also growing over time. Neglecting efficiency factors could become a serious not only risky to company’s productivity, but also customer experience. As applicants receive further notice in short waiting time, they can feel supported and satisfied throughout the entire loan services.
Fintelite leveraging AI intelligent modules to capture, analyze, and visualize essential information from bank-statements 10x faster. Make sense of your customers e-statements and gain understanding of their financial well-being, leading to informed loan decision-making. Fintelite Bank Statement Analyzer provides you a huge shift towards streamlined underwriting at scale.
1. OCR Extraction
Fintelite OCR+ competently parses and digitizes financial statements with consistency in datasets, allowing for accurate loan documents processing further. Eliminate manual efforts by incorporating OCR technology in your underwriting process, saves time, saves cost.
2. AI-Powered Analytic
The embedded machine learning system will in-depth examine the received data swiftly. This automated process helps identify financial patterns and potential risk from customer past records, resulting in all-encompassing analysis outcomes.
3. Credit Evaluation Dashboard
Explore financial insights to determine your customer credit score and spot anomaly signs. Fintelite analytic dashboard includes a wide range of information and metrics with easy comprehension. Discover your customer financial portfolio, including their total value, transaction category, uncommon financial activity, and more.
Register Now: Experience Fintelite Bank Statement Analyzer In Hand
Claim your free access to our analytic tool by following these steps:
- Click the ‘Try For Free’ button, or simply visit here
- Fill in the registration page
- Check your email to verify
- And now your account is ready to use!
