Bank statement analysis is not without its challenges. Having to perform continuous bank statement analysis manually prevents your business from scaling with demands and taking necessary actions effectively. However, accurate insights from bank statements remain crucial as a basis for financial assessment.
So, how can you take the hassle of manual review out of your routine processes? Enter AI-powered tools like Fintelite to automate bank statement analysis. It significantly optimizes workloads by making bank statement analysis fully autonomous. With AI taking over analysis, your team can spend less crunching numbers, more time focusing on decision making.
This article provides answers on how to automate bank statement analysis with AI while maintaining compliance and security. Perfect for lending, banks, and companies looking to maximize underwriting efficiency.
Why automate bank statement analysis?
Answer: Manually processing bank statements involves repetitive transaction data input and complex calculations, which results in slow turnaround. At the same time, customers always expect quick responses from their applications. Automation comes as a time-saving solution for accelerating financial health assessment and delivering data-driven decisions.
How does Fintelite’s automated bank statement analysis work?
Answer: With Fintelite, it’s only a few steps away to generate brief summary from bank statements.
- Sign in to our Dashboard
- Choose the “Bank Statement” document type and select the “Analysis” service
- Upload the file, it can be scanned or digital PDF
- Click “Process” to start data extraction
- Review the extracted data and continue to analysis
- Bank statement analysis reports including detected fraud will be ready instantly in minutes.
What insights can Fintelite automatically provide from bank statements?
Answer: Fintelite helps you gain a clearer picture of your customer’s financial position by delivering key insights on their cash flow summaries, debt repayment patterns, balance overviews, transaction behavior analysis, automatic categorization, merchant analysis, and, fraud detection.
How does Fintelite AI support bank statement fraud detection?
Answer: Fintelite provides comprehensive insights including fraud indication from transaction behavior and metadata file. With AI-advanced fraud detection, it flags suspicious activities like sudden large withdrawals and business spending outside working hours, as well as manipulation signs such as unusual file origin and font inconsistencies.
Can I edit the fraud detection rules?
Answer: Yes, fraud detection is configurable and can be tailored to your specific risk requirements. For example, set transaction limits so that any transaction exceeding a defined threshold is automatically flagged. Expert team support is also available to assist with advanced customization.
Read also: How to Detect Fraud in Bank Statements
How can the analysis results be exported?
Answer: You can export the analysis into a structured PDF for easy reporting, or in XLS for spreadsheet use. These export options make it simple to share, review, and further assess the results for decision making.
Is Fintelite secure for processing confidential bank statements?
Answer: Fintelite is equipped with enterprise-grade data security, ensuring every piece of data is protected through robust encryption, with no data retention. It also supports flexible cloud deployment, allowing you to choose the setup that best fits your business requirements.
