BANK STATEMENT ANALYSIS

Bank statement analysis is a process used by businesses to review and understand financial information contained in bank statements. It involves examining transactions, income sources, spending patterns, and other financial activities to assess a customer’s financial health or eligibility for various services such as loans, insurance, or trading accounts. Bank statement analysis is crucial for businesses to make informed decisions, mitigate risks, and ensure compliance with regulatory requirements.

Bank statement analysis provides valuable insights and benefits across various industries. For securities, brokerages, and asset management companies, it helps validate income for Futures and Options (F&O) trading as mandated by SEBI. In the lending sector, including NBFCs and banks, bank statement analysis facilitates income validation, checks for existing loans or auto-debits, and assesses spending patterns for Buy Now Pay Later (BNPL) services, credit cards, and personal or gold loans. Similarly, in the insurance industry, it aids in income validation for determining the maximum insurance amount for term insurance policies and analyzing spending history for health and general insurance coverage.

Businesses often encounter challenges such as low conversion rates during the bank statement fetch process, high friction in obtaining statements from customers, and expensive solutions available in the market. Our bank statement analysis solution addresses these challenges by offering a seamless and cost-effective way to automate income validation and financial analysis from statements shared by customers. With features like statement upload, salary verification, monthly analysis, recurring transaction tracking, and expense categorization, our solution provides comprehensive insights while minimizing friction and costs for businesses.