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Bank Statements Automation

By Mrigank Pandey

The client was one of India's largest and premier banking institution providing a wide-range of financial products and services to its customers using pan-India distributed channels.

VISION

As part of its digitisation journey, vendor wanted to integrate ML and AI-based approaches to redefine banking experience for its customers.

OBJECTIVES

  • Minimize human intervention by automating bank statements processing using intelligent OCR solutions and achieve a high degree of accuracy.
  • Perform near-accurate account reconciliations to verify account holders and audit financial transactions.

CHALLENGES

  • Different formats of bank statements for different banks

  • Manual data extraction and processing of statements

  • High turn-around time and man-hours invested for data validation

  • Chances of fraud and margin for human errors

TECHNOLOGIES USED

Python, Azure Form Recognizer, Azure Custom Vision

SOLUTION OUTCOMES

  • Cloud-based and real-time bulk-processing of statements

  • Automation using ML-based solutions reduced probability of fraud and margin for errors

  • Reduced turn-around time and accelerated decision-making

FUTURE SCOPE

  • Scale approach to verify other KYC and user documents such as Driving License, PAN, salary slips etc.

  • Store and intelligently retrieve data for audit purposes

  • Recognise spending habits of consumers

  • Perform cash-flow analysis to offer financial services and send product recommendations

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