Bank statements contain valuable financial data required to make certain crucial decisions in organizations. Usually, bank statements are in PDF or paper form. To obtain data in a spreadsheet, the best choice you have is to copy it from PDF to document (Google Docs or MS Word) and then to the spreadsheet format. Even after this tedious task, the uncertainty of the data being in the correct format prevails.
To help save time and human effort, Docsumo allows quick data extraction from bank statements using OCR and converting them to spreadsheets with negligible chances of error.
Technologies and Methodologies adopted by Docsumo
In today's corporate world where everything is digitized and each company has tons of documents to process and extract data from, it is very important that this process of getting information is also as quick and easy as possible.
Computer vision is one such AI technology that has seen exponential advancement over the last few years. Docsumo also uses OCR-Optical Character Recognition that analyzes printed text and converts scanned images into a form that can be easily processed by the computer.
Alongside this, Docsumo utilizes a Machine Learning OCR that uses a trained model to encode thousands of rules for determining the meaning of the content. This method is used when it is not possible to define all types of formats. Docsumo is capable of handling a large variety of input formats. It supports PNG, JPEG, TIFF, and PDF documents and also, the deep learning techniques provide great accuracy even for low-quality uploads.
Docsumo’s step-by-step approach to process bank statements
Automated document processing isn’t much different from the old-fashioned, human-driven way of doing it, but it offers guaranteed accuracy. Docsumo offers one such advanced computer vision and deep learning software to extract data automatically and to classify it as key-value pairs, tables, and entities. Docsumo provides a smart solution to generate insights within seconds with minimal human interaction.
Bank statement data processing automation follows an easy approach as stated below:
1. Sign up on our Platform
Once you sign up, we offer you the benefits of processing 50 documents for free so that you can try Docsumo on a variety of documents and assess for yourself the ease with which Docsumo can be used.
2. Upload Documents
Every bank has its own format for bank statements. The documents can be uploaded from email or your local computer and in the supported formats of image and PDF.
3. Edit the entries if required
At Docsumo, we use a combination of neural networks and reverse image searches to extract data from documents. Thus, entries are extracted directly by OCR. However, you can add entries manually as well, if needed.
4. Field Validation
The right data type is assigned for accurate and clean data for better value extraction. Using advanced Deep Learning, computer vision, and natural language processing, Docsumo validates and extracts data so that it can directly be consumed by any other software/APIs.
5. Review and approve the suggestions
When you upload the document, Docsumo engine will automatically extract and suggest a few key-value pairs from the document. You can either use those suggestions or discard them. When you click ‘Approve’, the file gets saved.
6. Download the document
Docsumo offers you the flexibility to export data in whichever format you want. You can either download the extracted data in CSV, JSON, or XML formats or you can use an API to send extracted data to other software or databases.
7. Scale document processing / Multiple document processing
If you want to select more documents of the same type as a bank statement, upload in the same template so that the document gets processed on similar lines. Also, you can create your own document type as per requirements.
Docsumo is capable of processing scanned, skewed, blurred, noisy, wavy, and low-quality documents with a comparatively good level of accuracy. So don’t worry, whether your bank statement is in scanned/pdf/image form, or is in a low quality format, Docsumo is here to your rescue. Docsumo’s advanced technology can read non-standardized documents with 95% accuracy. And thus, Docsumo is trusted by various companies in the banking sector.
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