Significance of Bank Statement Analyser Tool in determining the large financial data

A bank statement issued by any bank, typically,furnishes information regarding the banking history of any customer over a period of time, say, a month. The statement covers available and existing balance, deposits, withdrawals, interest, fees, penalties and more linked to the account. This document is considered important by any individual for personal as well as business purposes. It provides values on multiple levels, like :

• The existing balance in any account shows it’s business feasibility.
• An account of deposits made in the account is a positive sign of redundancy.
• Reflection of withdrawals minimise illegal transactions.
• The measure of interest in a statement shows the ROI(return on investment) on any fund.
• An account of fees and penalties shows room for improvement in any scope.

Bank statements are a great tool for account holders to keep a check on their money. It helps track the finances, spending habits, overdraft fees, errors and frauds of any account holder. As an individual banker or any financial institution, the bank statement is duly evaluated in cases of loan sanctioning. To establish credibility of a borrower, a bank statement is duly scrutinised. Several challenges are faced during the process.

Some of which are :

• Prospective borrower submits statement in different formats like PDF, printed hard copy etc.
• Depending on the credit amount to be assigned, different periods of data are considered. For example, 3, 6, 9 or 12 months. This multiple evaluation is cumbersome at times.
• The layout and narration of bank statements differ at every financial institution.

So to overcome the hurdles faced, ScoreMe has introduced a bank statement analyzer tool. It’s an innovative, intuitive software developed by a team of experts from different domains of finance, software,  engineering etc.

Some of it’s unique features are :

• It works on bank specific narrations and layout which includes all the major banks(Public, private, international and co-operative)
• It’s AI driven technology recognizes complex transaction patterns and generates an accurate indigenous report.
• The report generated is  informative in all respects say,cash flows, returns and so on..
• The multitask dashboard in the software gives output on all relevant, assigned parameters.