According to Statistica in 2021, Indian banks deployed nearly 30 trillion rupees to the retail sector? It was almost 12% higher than the previous year. The biggest slice of the cake went into the home loans segment with over 15 trillion rupees. Auto loans and credit card receivables were two other divisions with credit values above one trillion rupees.
One thing is for sure, there is no way this trend will stop. What banks need to do is to create the simplest way possible for lending and to save their customers from unnecessary hassles. By creating a satisfactory customer experience, banks can ensure long-term relationships with their customer.
Great customer service includes quick resolution of queries, easy approval on loan applications, more minor follow-ups, and faster distribution based on specific criteria. However, the process of determining the creditworthiness of an individual and the efforts to reduce the number of NPAs is to analyze an individual’s bank statement thoroughly.
However, manually parsing through papers and bank statements is tiresome and inaccurate, especially when evaluating the financial health of multiple candidates. Furthermore, bank statements are neither consistent nor uniform among different banks, and it also creates over-reliance on paper-based documents, which is time-consuming.
Fortunately, enough, there is a solution. An automated bank statement analyzer helps with precise risk assessment of a person or SME at scale while reducing manual work. A clever system can tag and aggregate information in a visually appealing dashboard in minutes, regardless of the bank statement’s format or the number of pages.
Here’s how you can transform your lending experience with bank statement analyzer software
A bank statement analyzer processes the application rapidly, allowing you to significantly reduce the turnaround time of the application and save time & cost. The end-to-end digitization of the whole process enables you to exemplify customer experience and improve loan approval rates.
You can shift your entire lending process online, allowing applicants to instantly upload their bank statements to your Loan Management System (LMS).
The Bank statement analyzer or BSA allows users to upload their files directly into the system that can also be assessed in real-time.
The advanced BSAs include features like optical character recognition that helps you convert different formats of bank statements into editable and searchable formats. This will help you in reducing the dependency on paper forms and also the number of human errors which is common when you extract data manually.
The value that a bank statement analyzer brings to your lending process is unmatchable. It can help you in the following ways:
The best part about a no-code bank statement analyzer is you can simply customize and add specific rules according to your business requirement. Plus, you can integrate it with your legacy system for smoother further processing.
For example, if you want to see the transactions based on the Payment mode like UPI or Net Banking. And other cases like cheque bounces, recurring payments, and more all such transactions can be segregated and viewed for processing.
Increases the payment visibility with accurate information related to payments. As it is not entered/ segregated manually, with ease of keywords this statement analyzer can have lower failure rates.
Before we start with the module, here’s how Quixy’s solution will help you:
The module starts with the customer uploading their bank statement document.
It is forwarded to the manager as a task where all the details such as Account number, name, IFSC code, opening & closing balance, and other relevant information are automatically shown in read-only format.
This is possible through a webhook which is enabled in our platform. Once the task is generated, the manager has to verify and accept the statement for further processing by the bank. The app lets you view the details of various bank statements by selecting from the dropdown. These details give insights into loan processing to check if a prospect is eligible or can repay a loan or not.
Quixy’s bank statement analyser solution can be simply integrated into your existing system making the whole lending process even smoother. The process that would earlier take at least a day, can now be simply automated and leveraged for disbursing a higher number of loans with accurate information in hand.