Financial organisations across the globe rely heavily on financial documents and reports for analysing their customers. Lending is the core business of most banks and financial institutions. A Bank Statement is the first item required when we apply for a loan from any financial sector. Businesses consider the financial history of borrowers during credit assessments.
While the finance industry is struggling with huge data analysis and fraudulent cases, there is a greater need for data visibility and efficient document processing more than ever. It is a very tedious and daunting task for you to inspect, analyse, and calculate manually to arrive at the creditworthiness of your prospective borrower. This is where APIs come into picture. APIs quickly interconnect new products and services, improve operations and customer experiences. When coupled with Artificial Intelligence, APIs become more intelligent and agile.
With the need for digital transformation in the finance sector, Bank statement analyser API has become the need of the hour!
Bank statement analyser APIs provide a snapshot of a person's liabilities, recurring transactions, and monthly dues, which aids banks and financial institutions in determining how much money they may lend to borrowers. Bank statement analysis provides lenders with a clear image of how well the borrower is capable of repaying the amount borrowed, whether it is a corporation or an individual. It is used by various sectors for faster processing, efficiency and informed decision making.
Top use cases of bank statement analyser APIs
Bank statement analyser APIs contribute towards multiple aspects of financial understanding.
Loan assessment:
Before providing financial aid, any institution first assesses the customer’s credit reliability to ensure that the loan will be repaid on time. Bank statement analyser shows the available and existing balance, deposits made, withdrawals done, penalties due and much more. A complete analysis from the financial details gives data about the monetary situation of a borrower. This information helps determine the eligibility of loan borrowers and disburse them accordingly.
Underwriting Process:
Background checks and underwriting is used to determine borrowers creditworthiness. Underwriting is the procedure by which a company offers out loans at a low risk. Bank statement APIs aid businesses in determining where bank deposits originate, what assets an individual owns, income verification, and whether or not a person has the ability to repay loans on time.
Maximise approvals:
With the convenience of processing loans rapidly, you can lower the cost and turnaround time of your application procedure. It offers end-to-end digitization with a simple and straightforward user interface. You can shift your entire lending process online, allowing applicants to instantly upload their bank statements to your system. This saves a lot of time and helps generate reports in seconds. It elevates your overall customer experience.
Fraud detection:
Bank statement analysis helps find patterns in recurring transactions and identify cases of financial fraud. Using this tool, any red flags like large cash withdrawals and deposits, overdraft crossing limits, negative balances, cross-verification and bounced checks may be quickly identified. Online lending frauds are increasing at an exponential rate. It makes more sense to invest in high-end technologies to satisfy the growing issues and needs of a digital platform as your lending institution embraces digital adoption.
What should you look for in a bank statement analyser API?
Bank statement analysis should empower financial business in making the right decisions by providing accurate information about the borrower.
- The Bank statement analysis solutions must provide a complete overview of borrowers financial records.
- It should be capable of analysing the bank statements and generating insightful reports that define the creditworthiness of the prospect.
- An enriched report is the key for right decision making as it presents a comprehensive report with key insights and trends observed in the applicant’s financials like spending pattern, income obligations, and others.
- The automated API should help analyse the spending patterns in the bank statement.
- Bank statement analyser APIs should be able to read unstructured data, and produce the information in more presentable formats.
- While investing in a bank statement analysis solution, make sure it has a high level of data accuracy and is also capable of detecting fraudulent entries.
Why Arya APIs bank statement analyser API?
Arya’s Bank Statement Analyser effectively reads transactions from almost any bank statement and converts that raw data into a comprehensive analytical downloadable report in PDF format. Be it showcasing of important trends, rule violations or rare anomalies, our analytical tool gives all the metrics important to support the provided bank statement.
With its easy integration into your existing lending management system, it provides a comprehensive revamp of your bank statement analysis process.
Try it yourself!
Our API endpoint is ready for integration on our platform- Arya APIs. You can avail a free trial for testing any data of your choice directly on the platform . Explore more on https://api.arya.ai/bank-statement-analyser
