Bank statements contain essential account, payee and transaction details. However, that data might be inaccessible to analyse or store if your bank statement is a PDF. Fortunately, converting it into Excel format is a quick solution that requires no particular technical expertise.
Data extraction is another way to refer to converting data from bank statements to Excel. The conversion technology will capture (or extract) data from the bank statements and then structure the extracted data into an Excel spreadsheet. Once contained there, the information is available to manipulate and analyse.
An increasingly popular solution for ‘unlocking’ the data from a bank statement is to upload a bank statement PDF or screenshot to an AI-powered virtual assistant like ChatGPT. The virtual assistant will then generate a widget containing the extracted data that can be copied and pasted into a blank Excel spreadsheet.
An interesting article in Finextra by Societe Generale Global Solution Center’s Head of Securities Services, Prasoon Mukherjee, explains why uploading bank statements to a Large Language Model (LLM)-powered virtual assistant is a) unsafe and b) likely to generate errors or hallucinations (i.e. fictitious information that sounds plausible).
Ultimately, an LLM’s lack of precision and penchant for creative interpretation make it an unwieldy companion for conversion. Users should be wary of harnessing an LLM for any tasks involving calculations, compliance and decision-making.
Using a specialised tool – like our data extraction platform, Transcribe – converts PDFs into Excel without including hallucinations. Not only should bank statement conversions be accurate, but the conversion platform should be easy to operate – ideally, in fewer than three steps.
We’ll show you how to convert a bank statement from a PDF into an Excel file in three steps. It’s quick, convenient and free.
Enter your corporate email address and then follow the email verification process to sign up for Transcribe. Once verified, you’re ready to go!
Upload a bank statement PDF. Most platforms – including Transcribe – also support uploading the bank statement as an image, such as a TIFF, PNG or JPEG.
Reviewing the extracted data on the user interface (UI) - any errors will be flagged for manual review. You can then download the Excel file. Other potential downloadable data formats include CSV or JSON.
The end-to-end conversion process usually takes under a minute. When applied to large-scale PDF to Excel conversion, you can connect to Transcribe via API, allowing you to forego manually uploading bank statements to Transcribe’s UI.
Yes, you can upload multiple bank statements (including bank statements with multiple pages) simultaneously without affecting Transcribe’s speed.
There is no difference between parsing a bank statement, and converting its data into an actionable format. Bank statement parsing, extraction and conversion all refer to the same action.
Yes, you can use Transcribe to convert invoices, confirmation statements and more. If you’re looking for a specialised financial statement conversion solution, why not check out our latest offering, Financial Statements AI?
Curious about Transcribe? Try it here,
If you have any questions, get in touch with our team at hello@evolution.ai or book a demo.
