Real-time bank statement processing
No matter the financial institution, confidently extract the data you need from any bank statement. Whether you’re onboarding a new client, processing loans, verifying account details, or reconciling business expenses, eliminate manual data entry and automatically extract accurate information into your system of record.
Start with 100 documents free
Up-to-date & accurate documentation
Fast, technical customer support
Extract the data you need from bank statements with Sensible
Bank statements are a ubiquitous, yet highly variable, mainstay of financial transactions and workflows, yielding information about an account’s available funds, spending habits, and overall financial health. With formatting that varies by financial institution, automating data extraction can be difficult, requiring tedious manual extraction that is prone to human error.
Sensible automates bank statement extraction, even across complex tables and variations from different institutions, so teams can increase processing efficiency, and reduce the risk of manual extraction error.
Common bank statement extraction use cases
No matter where bank statement extraction falls in your workflow, trust Sensible to accurately extract the data you need in real time.
Account onboarding and verification
Extract account balance, transaction history, income sources and expenditure patterns to verify details provided during customer onboarding.
Know Your Customer (KYC) and Know Your Business (KYB)
Authenticate account details, including balance, transaction history, and income sources, provided during customer onboarding to ensure regulatory compliance.
Loan and mortgage processing
Analyze an applicant’s financial health and develop a risk profile based on transaction history and expenditure patterns extracted from bank statements.
Proof of funds
Establish proof of funds with up-to-date account data extracted directly from bank statements.
Accounting and bookkeeping
Reconcile account balances with expenditure receipts to instantly generate expense reports from extracted data.
Wealth management and investment analysis
Assess client portfolios, analyze investment trends, and provide personalized financial recommendations based on bank statement data automatically populated into your system of record.
What data can Sensible extract from bank statements?
Some of the key data that Sensible can extract from credit card statements include:
Transaction history
- Deposits and credits
- Withdrawals and debits
- Transaction date
- Merchant name
- Transaction description
- Transaction category
- Transaction amount
- Transaction currency
- + more
Balance details
- Beginning balance
- Ending balance
- Interest paid
- Interest paid YTD
- Standard monthly fee
- Average daily balance
- Overdraft items paid
- + more
Account information
- Account holder
- Account holder address
- Account ownership
- Auto payment amount
- Credit access line
- Annual yield
- Open date
- Product types
- Overdraft fee summary
- Overdraft policy changes
- Certificate of deposit (CD) info
- Statement date
- Days in statement
- + more
Contact information
- Customer service number
- Mailing address
- Website
- + more
The Document Automation Platform for Developers
Sensible is the developer-first platform that makes accessing the data in documents as easy as calling an API. Avoid PDF parsing headaches with Sensible Instruct – just describe the data you want to extract, and integrate it into your workflow or system. Augment Sensible Instruct with SenseML to maintain full control and visibility over your data extraction.
"We've been able to scale to 2,000 members and ~$2MM of tracked premiums in a very short time with one person on operations. We couldn't have done that without Sensible."
Stuart Winchester
CEO, Marble
Developers
Focus on building apps, not document extraction
Sensible gives you customizable control over your entire extraction process. Combine LLM and layout-based extraction methods to accurately extract data. There are no models to train (or retrain), and no onerous data requirements. Onboard using a single sample document, and publish production API endpoints in seconds.
Product Managers
Scale your business without reinventing the wheel
Sensible provides embeddable document extraction infrastructure so that your team can focus on building a great product, not wrangling OCR and AI services. Integrate with your product in just a few lines of code, saving hundreds of hours of development and ongoing maintenance.
Extract bank statements with just a few lines of code
Stop relying on manual data entry. With Sensible, you can claim back valuable time. Your ops team will thank you and you can deliver a superior user experience. It’s a win-win.
Stop relying on manual data entry to parse bank statements. With Sensible, claim back valuable time while ensuring mission-critical accuracy in account onboarding, regulatory compliance, and underwriting workflows. Your engineering team will thank you and you can deliver an expedited user experience. It’s a win-win.
Start with 100 documents free per month
Up-to-date & accurate documentation
Fast, technical customer support
Bank Statement Parsing FAQs
We’d be happy to answer any additional questions. Please book a demo with our team to get more information.
Bank statement parsing, also known as bank statement extraction, is a technological process that extracts and organizes relevant data from bank statements into a structured format. The goal of bank statement parsing is to save time, reduce human error, increase processing efficiency, and improve data accuracy in account onboarding, loan processing, underwriting, and identity verification workflows.
This process involves utilizing natural language processing (NLP) and machine learning algorithms to identify crucial information such as account holder information, current balance, transactions, credit access lines, and more. The extracted data is then categorized and stored in a systematic manner, allowing for efficient searching, analysis, and management.
At Sensible, our AI-powered platform provides robust bank statement parsing capabilities that are customizable, accurate, and fast.
Parsing bank statements is crucial as it allows financial advisors, investment analysts, loan officers, and underwriters to quickly access, analyze, and use important data about an account’s current balance, transaction history, and expenditure patterns. Manual extraction can be time-consuming and error-prone. Using an automated extraction tool like Sensible ensures speed and accuracy, saving time and effort for other important tasks.
Building a bank statement parser involves multiple steps, often requiring specialized technical knowledge. Here is a high-level overview of the process:
Document Upload: Implement a feature that allows users to upload their bank statements in various formats such as DOCX, PDF, or TXT.
Text Extraction: Use a text extraction tool or library to read and extract text from the uploaded bank statements. This process may involve Optical Character Recognition (OCR) for scanned documents or images.
Text Cleaning: Once the text is extracted, clean it by removing unnecessary spaces, symbols, and formatting to ensure better parsing.
Keyword Identification: Identify relevant keywords that correspond to the data you want to extract from bank statements, such as account holder, balance, debts, transactions, and more.
Natural Language Processing (NLP): Apply NLP techniques to understand the context around these keywords. This helps to accurately extract and categorize data.
Information Extraction: Based on the identified keywords and their context, extract the necessary information and structure it in a useful format like JSON or CSV.
Validation and Testing: Validate the extracted information to ensure its accuracy. This involves testing the parser with various types of bank statements and improving it as necessary.
While these steps provide a basic outline, building a bank statement parser from scratch can be complex and time-consuming. That's where Sensible comes in.
Sensible offers an efficient and reliable solution for parsing bank statements. It's powered by AI, uses natural language processing, and provides a simple to integrate API. All you need to do is upload your documents and describe the data you need, and Sensible will extract it for you instantly.