Lower Default Rate and Optimise Performing Portfolios Besides, the automated process reduces drop-off rates by reducing loan turnaround times. Consequently, it elevates your overall customer experience and approval rates. You can move your overall lending process online wherein applicants can upload their bank statements directly to your Loan Management System (LMS).īy integrating the operation of your LMS and BSA, you can generate bank statement reports and loan repayment probability scores in minutes. It provides end-to-end digitisation with a frictionless and intuitive customer experience. Reduce Drop-Offs, Maximise ApprovalsĪn automated BSA helps reduce the cost and turnaround times of your application process with the ease of processing loans quickly. Here’s how a bank statement analyser (BSA) can make your lending process efficient, reliable and convenient: 1. Recommended for you: Here's How RPA Can Boost Loan Origination Process This gives a 360-degree insight into the applicant’s income, average balance, obligations, transaction patterns, and spending behaviour for a comprehensive review of their financial track record. Transform the Lending Experience with a Bank Statement AnalyserĪn automated bank statement analyser engine reads the complete transactional data from the customer’s bank account, including debit and credit transactions consisting of key data. It pays to invest in a robust bank statement analyser that has deep underwriting capabilities to cater to all sectors of loan applicants. No matter the format or number of pages of the bank statement, a smart system can tag and aggregate information within minutes in a visually appealing dashboard.
#FAKE BANK STATEMENT FOR LOAN MANUAL#
That’s where automation can minimise manual efforts and help with accurate risk assessment of an individual or SME at scale. Moreover, bank statements are neither uniform nor consistent across various banks. But, parsing through pages of bank statement data manually is tedious and erroneous, that too when you are assessing the financial health of several applicants. However, they still need the appropriate mechanisms to ascertain the creditworthiness of the applicant and reduce the risk of NPAs.Īn effective way to get an accurate analysis of an applicant’s financial history to prevent NPAs and bad credit decisions is to undertake a detailed bank statement analysis. Financial lending bodies still need to give out loans and they can’t put customers through unnecessary hassles either. While retail lending constitutes 22% of total bank lending and generates 3.7% of NPAs, personal loans, car loans and home loans have relatively lower delinquencies. Consequently, a major challenge that all banks and financial institutions face today is tackling the hidden non-performing assets. Direct consumers and SMEs are still struggling to repay loan dues, and the crisis is going away anytime soon. After the pandemic hit the world, loan defaults have been on a steeper rise than before.