How to pick the right bank statement analysis software

bank statement verification software

Individual lender, a bank and Non-banking financial company (NBFC), or any financial institution you may examine the borrower’s bank statement. They assess the credit flows to decide whether the lender can lend money or not. A bank statement is essential, and it is collected from reliable sources that provide you with clear visibility into all the borrower transactions. Bank statement analysis software simplifies this work. The industries generally use effective bank analysis software for quick processing, efficiency, time-saving, and for document processing. Here is the idea to pick the perfect bank statement analysis and what to look for while choosing this software

Why do you need this software?

Banks, NBFCs and other financial institutions face challenges while collecting data manually. Manual bank statements run on several pages. It is a more complicated task to collect, analyze the data and make errors in the process. It takes more time and also lesser productivity. It may lead to customer dissatisfaction. This bank statement verification software makes a simpler solution for this tedious process.

Furthermore, this software uses Artificial Intelligence(AI) tools to  provide real-time analysis. It carries automation to your hand and effectively eliminates any error in manual data collection. The automation decreases manual work that enables human resources for undertaking other core activities. So that overall productivity increased by focusing on the business development.

Things to consider while selecting software

The efficient software collects financial data from all the available sources. With this data aggregation and analytics, the bank statement analysis software must empower financial institutions with powerful data solutions. Good software must have below mentioned features.

bank statement verification software


All banks have their unique format to print the statements. Reputed bank statement analysis software will read even unstructured data, organize the data properly and produce the information in more easy formats. The software can adapt to various kinds of document styles and layouts.

Data validation

Financial statements are compared with GST fillings, income tax figures and other documents to know the financial history of borrowers. Effective software programs that can validate all the data and compares it with various sources to ensure the analyse the valid data. 


Generally, bank statement analysis can convert PDF to excel, where tabular data is read from various scanned documents and changed into spreadsheets for cash flow analysis. Data is extracted from PDF, and values are difficult problems faced by given OCR solutions. If you want to invest in a bank statement analysis solution, be sure that the software provides a high level of data accuracy. Additionally, when you input information and software should check all of the fraudulent entries.


The users must review data extracted from the bank statements after analysis of borrower history. This software should identify anomalies and send notifications to users if any fault like missing values or any other discrepancies during data execution requests it from manual data.

Loan repayment prediction score

This score allows financial institutions to take fast credit decisions for regular and new borrowers by analyzing the data from various resources. The score assists to identify the cash inflows and outflows as too indicate the fluctuations in the borrower account and alert the bank.

Income identification

This bank statement verification software identifies income from employment and other various resources. This software uses algorithms to look at all kinds of banking credits of the loan applicants and determines the borrower’s income. This bank statement analysis report helps a lot for income verification, and this software is fully customized according to the user requirement.

Obligation identification software

Bank verification software deeply analyze and produce the learning curve. In addition, it categorizes the spending pattern in a bank statement for every user. This report gives you a perfect picture of the borrower’s loan obligations. Further credit card payment, spending patterns and digital spending of an individual can be collected by this software.

Fraud detection

The software mainly helps to learn the past repayments of the borrower. In case of defaulter or non-payer can be easily identified through careful analysis. This software generally detects the activities of the non-creditworthy borrowers and potential red flags. It lists the period gap between matching of debit and credit transactions or any mismatch between the statement and computed balance. It saves your time a lot.

Behavioural impact

BSA software analyzes all transactional impacts of the applicant financials details with considering the current COVID-19. This software analyses the bank statement and creates better reports that clearly define the applicant’s creditworthiness.

Account aggregator integration

This software with AI-driven tools usually identifies even complex transactions of financial data gathered from various sources, loans, taxes, credit cards, investment accounts, and other financial data you need. The BSA software combines it into a unique platform that helps to read and view easily. 

Multiple bank account aggregation

There are some inbuilt challenges in deciphering the intricacies of Small and medium enterprises or individuals bank statements. Bank statements generally have various formats, layouts, narratives that the software may able to assess. The software with effective ML algorithms does the deepest analysis by analyzing and categorizing the bank statements across multiple bank accounts to provide a full picture of the applicants financial history.

Pattern identification

This automated software usually assists in analyzing the spending patterns in the bank statement. It gives great assistance to clear circular transactions and other challenging data. This report offers ideas into general loan obligations, spending habits, credit card payments and realities about the digital spending.

Export analysis to easy excel sheets

BSA software generally supports a broad range of financial statements in various formats. It can read data from statements of various entities across a numerous segments such as retail, small business and individual.

Final thought: The bank statement analysis and verification software provide instantaneous bank verification, which improves the user experience and customer onboarding processes. It reduces the risk of financial fraud as it is verified through online. Additionally, it is supported by automated user approval and checks with an audit trail to meet the regulatory requirements. 


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