With the adoption of bank statement extraction software, businesses no longer have to manually extract data from bank statements. Technologies like OCR, AI, and even intelligent document processing have all become vital parts for organizations to extract information from various documents including bank statements without manual data entry.
In this blog, you will get acquainted with the very definition of bank statement extraction software and will get to discover its most important features and benefits. We’ll also present you the top 7 best bank statement extraction software list, making your decision-making process easier. Let’s begin!
What is a Bank Statement Extraction Software?
A bank statement extraction software automates data extraction from bank statements with OCR. It is used to capture important data fields, such as vendor name, IBAN, or final balance, helping businesses automate data entry of bank statements.
Bank statement scanning software doesn’t just extract information from these files. This automated solution brings organizations a number of benefits that completely transform document processing for banks, financial institutions, creditors, as well as governmental institutions.
Benefits of Automated Bank Statement Extraction
Whether it is used in banks, public financial institutions or the financial department of businesses, automated bank statement extraction helps:
- Increase productivity: Automation helps reduce repetitive tasks from your employees, freeing up both their agenda, but also yours, making it possible to focus on more strategic tasks.
- Improve data quality: Bank statement OCR ensures the captured data is accurate and does not present human errors, which could affect the credibility of your ledgers, and therefore, your business.
- Accelerate processing times: Manual data entry is eliminated, which means your organization can process bank statements faster and improve the turnaround time.
- Save costs: Employing a bank statement extraction software means lower operational costs, as well as costs associated with repairing human errors or detecting document fraud. By getting rid of inaccuracies in financial reporting, your company can save important amounts of money.
- Improve customer satisfaction: Regardless of your business sector, automation helps carry out business processes faster, delivers better results in record time, and improves the relationship between you and your customers.
These advantages help your business achieve its true potential, by minimizing costs and errors and maximizing efficiency and quality. To ensure that your business makes use of the best bank statement software, it’s a must to first thoroughly scan the market for available solutions.
Overview of Top 7 Bank Statement Software
To save you some time, we have listed down the top 7 best bank statement extraction software, so you can have a clear overview of the options at hand.
Klippa DocHorizon
Klippa DocHorizon is a software solution, which makes use of machine learning technologies and an AI-powered OCR to accurately extract data from bank statements. The solution offers a drag-and-drop platform, making it easy for businesses to set up their own bank statement extraction workflow: from defining which data fields need to be extracted to integrating it with cloud storage, such as Google Drive.
Pros
- Bank statement scanning
- 99% data extraction accuracy with AI-based OCR
- Able to convert a bank statement PDF into Excel, CSV, XML, XLSX, JSON, and many more
- Document classification
- Key-value pair extraction as well as line item extraction
- Extensive documentation available
- Seamless API and SDK integrations
- Excellent customer service and onboarding support
- Compliant with data privacy regulations
- Document verification
- Document fraud detection
- Data anonymization
- Document workflow automation
- User-friendly drag-and-drop interface
Cons
- No document storage
- No support for all non-latin languages
- Currently no reporting tool
Docsumo
Docsumo is an AI-based OCR software provider that has a 95% accuracy in data capture from documents, such as bank statements. It automatically classifies document types, based on their content and layout.
Pros
- Has a data extraction API for bank statements
- Able to convert a bank statement PDF into Excel, CSV or JSON
- Data extraction from images
- Key-value pair extraction and line item extraction
- Easy to use interface
- Well-trained software to ensure accurate data capture
Cons
- Lack of implementation documentation and onboarding support
DocuClipper
DocuClipper is a web-based application that extracts information from bank statements, mostly in a PDf format. Its OCR has an accuracy level of up to 95% and captures data within seconds.
Pros
- Bank statements can be converted into CSV or Excel
- AI-based OCR
- Line item and key value pair extraction
- Integration with Xero, QuickBooks, Sage
Cons
- Data is stored in their servers
- High costs, even for low-volume processing
Nanonets
Nanonets is a machine-learning platform that allows businesses to build custom deep learning models with little to no code required. It is used for data extraction, object detection and image classification.
Pros
- AI-based OCR
- Good customer service
- Fast document processing
- Ability to set custom parsing rules for specific document types, including bank statements
Cons
- Creating platform parsing rules can be time-consuming
DocParser
DocParser is a cloud-based document parsing API that helps extract data from bank statements. It allows for workflow automation and can process documents in bulk.
Pros
- Works best on extracting data from PDf files
- Advanced OCR technology
- Download extracted data in formats such as Excel, JSON, XML
Cons
- Outdated user interface
- No search function, making it hard to find parsed documents
- No filtering options
ProperSoft
ProperSoft is a software designed to extract and convert information from bank statements. The output can be easily imported into existing accounting or personal finance applications.
Pros
- Operates offline
- Good customer support team
- Supports a variety of file formats
Cons
- Template-based OCR, can present inaccuracies
- Outdated user interface
- Complex flow which impedes user experience
Capturefast
Capturefast is a data extraction software that captures and converts data from bank statements. It supports various file formats and can be integrated with various accounting and financial applications.
Pros
- Extensive integration options available
- image pre-processing before information extraction
- advanced OCR technology
- automatic document classification
Cons
- Complex user interface
- Limited customization in data field extraction
Selecting the Best Bank Statement Extraction Software
Before committing to one specific software choice, it is advised to keep in mind certain features that enhance the bank statement extraction process:
- Data extraction accuracy: The software should provide high accuracy in capturing information, to minimize errors and ensure your business is processing accurate and reliable financial data.
- Processing speed: Look for solutions that can process bank statements quickly, enabling faster access to valuable financial information.
- User-friendliness: The software should be easy to use, even for non-technical employees. This ensures a smooth and seamless integration within your business’s existing applications.
- Data privacy and security: Given the sensitive nature of financial information, it is crucial that the software you choose doesn’t process the data further than allowed. Make sure it is compliant with data privacy and security regulations, such as GDPR or ISO and that the information is not stored in the provider’s servers.
- Automatic document recognition: Increased efficiency of business processes can only happen if the solution can automatically recognize the document type in question. If the OCR is template-based, chances are the document classification process might have some bottlenecks.
- Good customer service and onboarding support: During the initial setup, but not only, it is important that you have good customer service to rely on, in case any obstacles might occur. The onboarding team should be able to assist you with any inquiries you might have in implementing the software.
- Available documentation: Documentation is an important feature that many providers seem to forget about; whether it is the first time you’re now employing the solution or are integrating it within an existing application, extensive documentation is the unsung hero.
Your business should not compromise, especially when it comes to document processing efficiency. Thus, a well-performing bank statement extraction software, such as Klippa, is able to fulfill all your needs and offer quality in data capture and bank statement processing.
Implement Bank Statement Extraction Software with Klippa
Klippa DocHorizon allows you to accurately extract information from bank statements, so you have complete control over the data extraction flow. With our platform you can easily:
- Select the bank statements you wish to process
- Indicate whether you wish to extract specific line items or data from the whole document
- Get accurate data within seconds with our AI-powered OCR
- Review the captured information
- Download it in your preferred format or export it within existing applications, be it email or ERP system
Powered by AI technologies, our platform offers you various modules you can mix and match, based on your specific use case:
- Shorten document processing times with data entry automation
- Send data to existing applications with seamless document conversion
- Certify the authenticity of documents with document verification
- Stay compliant with personal data protection requirements with smart data anonymization
- Ensure accurate document verification processes with document fraud detection
- Streamline the digital archive of your business with document classification and sorting
Contact our experts to get more insight into our bank statement extraction software, or book a free demo down below and see our solution in action!