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.
Without further ado, here they are, in no particular order -
Top bank statement data extraction software in 2023
1. Docsumo
Top Features
Cons
- Improved integration features coming soon
Pricing
- Growth - Ideal for start-ups & businesses that need to automate one or two document types.
- Business - Perfect for businesses that need to capture specific data points from documents and train on their data.
- Enterprise - Ideal for enterprises that need to process multiple document types, train on their data, and implement custom workflow.
2. Klippa
Top Features
- Scan PDFs, legal documents, bank statements, and more
- Metadata extraction
- Mobile receipt upload
- Zone selection tool
- Image pre-processing
- Intelligent data extraction
- Data extraction from images
- Download extracted data in csv format or as an excel file
Cons
- Rare inaccuracies can occur while scanning unclear or obscure data.
Pricing
- Price is available upon request.
3. Capturefast
Top Features
- Scans PDF's emails, legal documents, bank statements, and more
- Collaboration tools
- Compliance tracking
- Forms automation
- Archiving and retention
- Data extraction from images with OCR
Cons
- Steep learning curve.
- Comparatively more complex User Interface.
Pricing
CaptureFast does have a lifetime free version that lets you process a limited number of documents. These are their paid plans:-
- Basic: $69 / month
- Professional: $299 / month
- Business: $799 / month
4. Docparser
Top Features
- Layout parsing presets
- Data extraction from images
- QR scanning
- Filters for invoice processing
- Tabular data extraction
- Document publishing
- Document sharing
Cons
- Lack of advanced user interface
- Lack of search function within parsed documents can make it harder to find specific files.
- No way to sort/filter files.
Pricing
- Starter: $39 / month
- Professional: $69 / month
- Business: $149 / month
- Enterprise: Ask for price
5. DocuClipper
Top Features
- Data extraction from images, bank statements, legal documents, and more
- Document sharing
- Annotations
- Robotic process automation
- Data entry
- Audit trail
- Phone number extraction, bank details extraction and more
- Document publishing via Quickbooks, Excel, and more
Cons
Pricing
- Starter: $29 / month
- Business: $99 / month
- Enterprise: Ask for price
Key Takeaway
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!
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