I would go to a demo, and the customer would expect our AI data extraction software to work like magic. The good thing is, because of new tech developments, things now do work like magic!
It’s a good time for AI, and we’re excited about it.
- Martin Goodson, CEO & Chief Scientist, Evolution AI
Since the inception of bank statements in the 1960s, extracting relevant data from them has proven challenging—until now.
Bank statements are one of the most unique types of financial documents. They vary in length and formatting, with a wide distribution of (potentially) valuable data points.
As documents, bank statements have multiple functions, yet only a few of their data points will likely be relevant. Freeing the required data points from their visual structure on the page is now possible with sophisticated AI data capture technology.
Automated extraction from bank statements harnesses a winning combination of technologies to identify, capture and appropriately structure data points. AI technology involves more than just ‘seeing’ text. Instead, the software uses human-like comprehension to parse bank statements and understand the semantics of the contained information. The algorithms can then tailor the output file to the company’s requirements.
While every bank statement extraction technology will function differently, let’s examine how a top-tier AI data extraction technology operates in four steps:
Input a PDF of a bank statement where the software indicates.
Double-check that the extraction fields (e.g. transaction date/amount/type) are correct.
Wait a few seconds for the software to process the bank statement.
Download your results in the desired format (e.g. CSV, JSON and so on).
Want to see how it works for yourself? You can try extracting bank statements for free at Evolution Transcribe.
Automated data extraction technology works like magic when properly trained. When dealing with a vendor, it's important to check that their model has been thoroughly trained on bank statements to enable seamless capture.
In this context, 'seamless capture' means near-instantaneous processing, usually within seconds. Moreover, 'seamless' implies precise results, with well-trained AI models outperforming humans in accuracy and securing high straight-through processing rates.
Manual intervention by highly-trained employees (such as IT technicians or analysts) is often extremely expensive, especially in the long term. So with bank statement extraction technology, you can expect significant cost savings.
Let’s look at the flipside of this coin. Employees who waste time engaging in manual extraction will cost your company money. By eliminating wasted time and expensive (preventable) errors, you can facilitate higher-value tasks.
Consider a real-world example of this facilitation. Rather than taking time to enter transaction references into a spreadsheet, a skilled employee can focus on high-value tasks such as determining whether to extend credit or executing risk management strategies.
Here are a few optional ways to enhance the workflow of your extraction technology:
By using a managed service, a human annotator can verify any potential points of ambiguity.
The extraction technology may perform calculations when assembling the captured data, such as adding figures to fill in missing information (for example, adding expenses to produce a total).
AI technology can add information from external sources to the captured data. A simple yet effective example would be adding a photo of the vendor’s logo to the transaction line. More complex examples may include checking the vendor’s previous transaction history and cross-referencing it with an external database of organisations, such as Companies House.
AI data extraction technology is effective, with little to nothing left to develop at its core. Vendors are continuing, however, to improve its extra capabilities. Let’s take a look at a couple of them.
The acuity of AI’s deployment of computer vision means it can detect tampering on bank statements (e.g. the manipulation of running totals). Additionally, using historical data, AI fraud detection software can parse bank statements to identify anomalies, highlighting potential fraud as it occurs in real time. In the future, AI-powered big data analysis is anticipated to recover a large portion of the $5 trillion that fraud costs the global economy.
When outputting data, the AI algorithms may also run additional checks for you to ensure that the data adheres to relevant regulations and standards, such as GDPR or financial reporting requirements. Not all vendors offer these functionalities, so it’s worth discussing with a potential provider.
Evolution AI can extract from any financial document – including bank statements – with ease. To discuss how your business can benefit from our award-winning and competitively-priced data extraction technology, book a demo with our team at Evolution AI or email us at hello@evolution.ai
