As a part of Bluecell's endeavour to improve its products and services for its customers, it has now rolled out a Bank Statement Analysis Tool that helps in compilation of financial information. This will provide a better user experience by making the credit decisioning easier and faster.
The OCR (Optical Character Recognition) Technology will help to scan the bank statements and provide a compiled report that can be used by the Lenders to act as a decision making tool for understanding the credit history and financial standing for the purpose of sanctioning loans to the borrowers. In place of the regular method of scanning through bank statements and documents to gather information, this new feature by Bluecell will help to make the process faster and more reliable by going through the finer details to provide comprehensive reports for evaluation. This in turn will also benefit the borrowers and SMEs by giving them faster access to their application processing, resulting in faster approvals and turnaround time.
To summarize the OCR technology will provide enhanced visualization of bank statements along with the following benefits :
- Bank Statement Summary
- Month Wise Details Display
- Transactions Summary
- End of Day Balance
- Top Transactions
- Red Flags Detection for Possible Fraud and Behaviour
- Reduce costs
- Accelerate turnaround time
- Automate documents processing
- Centralized and Digitalized secure data (no fires, break-ins or lost documents)
- Improve service by ensuring accurate and up-to-date information
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