In these advanced times, many humans and machines are replacing manual work. The machines not only make things easier but also error-free and smooth. It would not be astonishing to know about the bank statement analyzers that have recently come to use. BSA s are being introduced that have been a time saver and an accurate information provider.
A document made to measure the loan applicant’s creditworthiness may also before an individual or an SME is known as the bank statement analysis. Usually, an automated approach of the bank statement analysis is preferred to observe the bank statements combining the powerful techniques. A learning engine is used as well in order to issue real-time analytical capabilities. There are many aids in using an analytical output as they help organizations solve their current pain points. The pain points such as the collection of documents physically, slowing the turnaround time, and high physical efforts, including the low output, lead to the customers’ dissatisfaction.
A BSA (bank statement analyzer) completely mechanical helps eliminate the errors usually found during manual involvement. The major advantage of this is that it reduces the errors and manual efforts to a large extent and saves time to a great extent. The manpower is instead used in other core activities. This results in the increased productivity of the organization overall.
Another benefit of BSA is that it generates a real-time bank statement analysis. This is generally for the uploaded and fetched bank statements giving the 360-degree view and other necessary information of the loan applied person and his/her financial health. This proves to be beneficial in numerous ways as it gives a quick assessment of the applicant and helps in making decisions. The level of customer satisfaction thus increases, and the range of them takes an up graph as well. More and more customers are attracted to this ease of processing and show extreme loyalties to the companies.
Extreme features of BSAs:
There are numerous other features that make these bank statement analyzers even more productive and understandable. Some of them are listed as below:
1)Provides a seamless view of the legacy statements. The legal statements get a detailer view by the customers and the buyers as well.
2)Digitalizes the bank statements completely to make it an easy and handy one for the customers. The digitized statements have the least probability of getting any mistakes or faults.
3) Identification of the documents and thorough confirmation becomes easy and requires less manual effort. The time consumed by humans is a lot less after the intervention of the machine.
4) The reports generated digitally are both man and machine-readable. This feature helps in lessening the overall chances of wrong observation by customers and owners. The journey is made much easier and handier.
5)Easily points out and corrects the human-generated errors. The errors made while filling in the documents get highlighted, and hence correction gets even easier.
BSAs during covid:
The covid situations have led to various snags in the certification process due to the lack of human control. The hygiene conditions also need to be taken care of during the processing and handover of documents. This is made easier by the BSAs as it requires less or no employee involvement. Following are the criteria under which BSA is useful.
1)Comparing and analyzing: Comparing and analyzing gets much easier through the technique. It is faster than the usual process and attracts customers as well.
2)Behavioural impacts like the transactional impact are easily measured and stated to the customer.
3)Providing an enriched report with key insights and trends. The recent trends mapped are significantly provided with all information. The income, moratorium and spending pattern etc., is made much easier to get access to so that the impact can be thoroughly analyzed.
BSAs are extremely useful for consumer lending as well.
The journey is made seamless as the applicant of loan can directly approach the bank for uploading statements, including the scanned and e-statements online. The bank statements analysis gets much more accessible and user-friendly.
BSA for SME lending also gets much easier.
The challenges of deciphering and SME and the valuation of credits are extremely tough. But with the introduction of BSA engines, automation helps in categorizing and analyzing the bank statements from various multiple bank statements. This provides a complete structure of the SME financial health, making overall procedures smooth and comfortable.
Data uploaded for the bank statement analysis can take place both online and offline. For online customers, it can be done through the net bank fetching and for offline customers, it can be done through pdfs and scanned copies. The reports clearly show the loan obligations, OD analysis, regular supplier payments, and cash flow gaps in the companies.
Conclusion:
The Use of bank statements has led to various benefits and the overall development of loan giving organizations. It helps in meeting the daily and everyday challenges. It efficiently saves the time taken and helps in utilizing the manpower at various other works. The safety factor also plays a major role and hence increases the Use of the BSAs in organizations. The advantages of BSA s are numerous and bring profit to both the customer and the owners.
Also read — What is a p2p platform? Is it easy to get a p2p loan?
