Automated bank data extraction software can help make the underwriting process a whole lot easier compared to manual data entry. This is made possible with the use of Optical Character Recognition (OCR), Machine Learning, and AI to efficiently scan and understand documents and images. In this way, document data extraction software can help you turn images and pdf files into usable, actionable data seamlessly.
To make your search easier, we have picked the top 5 best bank statement processing software available in the market today.
CaptureFast does have a lifetime free version that lets you process a limited number of documents. These are their paid plans:-
Docsumo makes it possible to easily extract data from scanned/non-scanned images and pdf files. You can process large amounts of underwriting documents with more than 99% accuracy. Straight through processing for a number of loan underwriting documents such as tax documents, P&L documents, bank statements, and invoices is achievable over 90% using Docsumo.
The amount of flexibility that Docsumo offers means that you don't need to limit yourself to defined templates for bank statements to process. Process statements from multiple banks in multiple layouts and templates
Schedule a free demo with us and let's find out how Docsumo can help you automate bank statement processing!
In today’s dynamic business world, filing and archiving official documents in the digital form makes it handy, and works wonders in the future or in unforeseen circumstances.
With an automated data extraction solution, loan documents can automatically be processed end-to-end without any human errors and delays. Automation in loan document processing prevents downtimes, eliminates data redundancy, and allows companies to respond faster to client queries. By combining machine learning with deep learning and OCR, companies can eliminate huge costs, derive actionable insights, and streamline loan processing and approvals through efficient data extraction and analysis.
Mortgage lenders receive multiple identity and income verification documents along with different forms from loan applicants in a variety of formats and styles. Traditional OCR solutions fail to extract data from these semi-structured documents and that’s why more and more lenders are adopting intelligent document processing solutions. IDP solutions not only extract data correctly, they are able to validate extracted data against predefined rules in order to improve accuracy.
Intelligent Document Processing is an automation technology that captures information from a myriad of documents and data sources, extract data, and organizes it for further processing. IDP solutions enable businesses to seamlessly integrate with core processes, eliminate manual labour, address challenges faced in reading different document layouts, and meeting legal & compliance requirements. Accurate data is the foundation of every organization, and IDP assists businesses in dealing with the complexity of processing huge volumes of documents, helping them automate manual data entry processes, and move away from traditional semi-automated OCR workflows.