About the NBFC
A leading non-banking financial company in India offering a wide range of financial services—including loans, deposits, and more—to a diverse customer base. The organization is committed to transforming traditional financial processes into efficient, customer-centric solutions.
Project Overview
The project centered on developing an advanced Bank Statement Analyser (BSA) designed to automate and expedite the loan disbursal process. By eliminating the manual customer verification step, the solution directly addresses inefficiencies in credit decision-making and fraud detection.
Impact of the Design
The solution addressed real-world challenges in loan processing by reducing manual verification time by over 40%, leading to a 25% faster loan disbursal process. This improvement has not only increased customer satisfaction but has also significantly enhanced operational efficiency.
Team Composition
1 PM, 2 Tech Leads, 1 Designer, 6 Devs
How the Bank Statement Analyser Works
Bank Statement Fetch
The system accepts bank statements via ePDF uploads, scanned documents, and internet banking interfaces.
BSA Analysis
It captures and analyses transactions from the uploaded statements to assess the customer’s financial health.
Fraud Check
A built-in Fraud Check Utility (FCU) automatically detects unauthorized ePDF manipulations and flags suspicious transactions.
Analysis Report
An in-depth report is generated and shared with credit managers for expedited decision-making.
Problem Statement
Financial institutions frequently encounter delays in the loan disbursal process due to manual verification of bank statements. This approach is not only time-consuming and error-prone but also increases the risk of fraudulent activities, ultimately hindering efficient customer service.
Understanding the Problem
Major Issue
The conventional manual process of verifying bank statements delays loan approvals and exposes the system to potential fraud.
Current Experience
Customers endure long waiting periods while staff manage repetitive and error-prone tasks.
User Scenario
A customer in urgent need of funds faces extended delays, while the institution struggles with mounting manual workload and increased fraud risks.
Challenges Faced
Inefficiency
The existing manual process was slow and resource-intensive.
Fraud Vulnerabilities
Lack of automated fraud checks led to increased risk of manipulated documents and transactions.
Scalability
Limited capacity to process high volumes during peak times created bottlenecks in the credit approval process.
Innovative Solution Approach
The Bank Statement Analyser was designed with several key features:
Automated Underwriting
Streamlines financial health analysis, reducing manual intervention and accelerating credit decisions.
Customizable Reports
Users can tailor reports to include details such as salary, liabilities, and other financial metrics relevant to current loan processes.
Built-in Fraud Check
An integrated fraud detection system identifies unauthorized ePDF or transaction manipulations, significantly reducing fraud risk.
Multi-Account Analysis Support
The solution can fetch and analyse statements from multiple bank accounts, providing a comprehensive view of the customer’s creditworthiness.
Business Impact & Benefits
Automated Underwriting
The BSA significantly reduced manual interventions, leading to quicker and more accurate credit decisions.
Cost Reduction
By digitizing the bank statement acquisition and analysis, the solution reduced onboarding costs while minimizing the need for additional resources.
Enhanced Turnaround Time (TAT)
Credit decisions that previously took weeks were expedited to just hours, improving customer satisfaction and competitive advantage.
Robust Fraud Detection
The built-in fraud check utility effectively flagged unauthorized PDF manipulations and suspicious transactions, safeguarding the institution from potential losses.
Customizable & Holistic Analysis
With support for multi-account analysis and customizable reporting, the solution offered a comprehensive view of a customer's creditworthiness, enabling more informed decision-making.