The NLP-based bank statement analyser reduced decision risk for an NBFC by providing a holistic view of loan applicant's creditworthiness, while customized AI/ML solutions achieved a 66% reduction in manhours

The problem

Existing process led to delay in business decisions and carried a higher risk. The client wanted a more sophisticated, efficient and scalable solution as:

• The manual process of scouring through files and data uploading was error-prone.
• Documents came in disparate formats (PDF, PNG, JPEG etc.) and had to be converted to the right format for the data entry.
• There were multiple layouts of bank statement as the format varies across banks making it difficult to extract information.

Methodology

Extraction of customer transaction details: Utilizing AWS Textract, the solution extracts transaction details from statements obtained from various banks. The statements can be in different formats such as .pdf, .csv, .png, .jpg, among others.

Data extraction from statement images: Using AWS Textract's image analysis capabilities, the solution processes statement images and extracts relevant data, including transaction information, account details, and dates

NLP-based data standardization: Employing natural language processing techniques, the solution performs post-processing on the extracted data. This step ensures that the information is transformed into a consistent and standardized format across all statement formats. Any inconsistencies or variations in the data are resolved using NLP algorithms.

Statistical analysis for pattern identification: Leveraging statistical techniques, the solution analyzes the standardized data to uncover patterns and consumer behavior trends. By applying statistical models, it identifies insights such as frequent transaction types, spending patterns, or correlations between customer attributes and transaction behaviors.

Our impact

A curated database is created from various data sources and is visualized using dashboard for analyzing bank statements and aiding in informed business decisions. The customized solution led to a reduction of 66% of man hours.