Top 6 Banking Data Extraction Software in the Market

Are you a Bank Manager? Are you finding the best data extraction software for extracting data from Bank Statements? if Yes, You are landing in the best place on the web. You don’t need to go anywhere for finding Best Banking Data Extraction Software.

Digitization of financial documents is an important task for financial institutions like banks as well as personal banking customers and businesses. This type of Organization have thousands of thousand Paper Document which is very difficult to maintain all record and get accurate data in a short time.

Suppose, You are a Bank Manager, and a customer comes to you to correct the spelling of his name in the passbook. Now, as a bank manager, your first task verifies the person with his original documents which he submitted during accounts opening, then the next process. But, you have thousands of documents, How you can do this in a short time?

So, to do that, Banks must convert and save the physical customer records into a digital form, and get data in very few seconds.

Automated bank statement processing software can help completely simplify the underwriting process compared to manual data entry. With the help of OCR, machine learning, and AI, you can extract all data with the label name from the paper documents and save it into your database.

Now, Look at what is OCR and How exactly OCR helps the Banking sector to extract data from bank statements. And, Most important, What is the Best Banking Data Extraction Software?

1. Docextractor

Docextractor is one of the best Banking data extraction software in the Tech and Business World which is used to automate document processing and reduce the manual efforts of the Business. Imaginorlabs presents, Docextractor can extract any type of data from PDFs, images, and scanned documents with the help of its powerful AI and Machines Learning Algorithm.

Trusted by many Brands, Docextractor guarantees to extract data, with 95% accuracy, from any type of document such are invoices, receipts, bank statements, passports, and identity cards and stores the data directly in the database.

Pros and Top Features:

  • Easy to use interface and steps.
  • Tabular data extraction
  • 95%+ accuracy rate.
  • The special feature of Bank Data Extraction
  • Humans are less prone to error.
  • Save operational costs and save time.
  • Integrates easily using the API.
  • 24×7 customer support system.
  • Automatically save data to the database.
  • Powerful OCR software.
  • Skewness correction.
  • Automatic rotation of scanned documents or Images.
  • It can process large amounts of documents without any error or lag.
  • Recognized worldwide and trusted by many brands.
  • Docextractor can work with non-English or multiple languages such are Hindi, Urdu, Arabic, and more. This is a very important feature for working multinational operators.

Cons:

  • The Price is a little high than other software on the Market. But, the extraction results are very good. 

2. Docparser

Pros and Top Features:

  • Custom parsing capabilities.
  • Feature of QR Code and Bar Code Scanning.
  • Filters for invoice processing.
  • Tabular data extraction.
  • Sharing and Storing Data into the cloud Portal like Google Drive, Dropbox, etc.

Cons:

  • Not having a user-friendly Interface. For a normal person, it can be confusing for analyzing data.
  • A lack of a search function within parsed documents can make it harder to find specific files.
  • No feature for sorting and filtering data.

3. Docsumo

Pros and Top Features:

  • Feature of Converting PDF Bank Statement to Excel/CSV/JSON
  • Extract information from images
  • Extract key-value pairs and line items
  • Good accuracy rate.
  • The user interface is easy to understand.
  • Speeds up business workflows, and reduces costs.
  • Multiple learning methods to ensure accurate data capture.

Cons:

  • It is Expensive for small businesses.
  • No Integration feature.

4. Nanonets

Pros and Top Features:

  • Extract data from any document, image, or spreadsheet.
  • Changes in documents or new data capture requirements can thus be handled easily.
  • Can work with non-English or multiple languages. 
  • This software can create and create any document structured data and inks it into an existing database.
  • Can recognize different formats of documents of multiple banks.

Cons:

  • During processing a high volume of data, sometimes the software lags and crashes suddenly.

5. Klippa

Pros and Top Features:

  • Scan images, PDFs, media documents, and more
  • Intelligent data extraction of Images.
  • Good Accuracy rate.
  • Extract information from the file and save data into an Excel File.
  • Special Zone selection tool.
  • Document to text with OCR feature.
  • Classifying documents and (Cross)Validating data from the Document.

Cons:

  • Sometimes, errors happen during the scanning of the data from the Document.
  • During the process of a High volume of large data, software crashes, and lags.

6. DocuClipper

Pros and Top Features:

  • Data extraction from Scanned images, Financial documents, legal documents, and more.
  • Robotic process automation Feature to speed the workflow.
  • Document sharing options
  • Automate the Manual Data Entry.
  • Save time and reduce errors.
  • Extract Data directly and save it into Excel File 
  • Annotations
  • Phone number extraction, bank details extraction, and more features.
  • Data Security.

Cons:

  • No feature of other special data extraction elements, Like Table.
  • This Software also lags and crashes suddenly during the processing of large amounts of data.

The Bottom Line

A well-known Brand company, Imaginorlabs, presents Docextractor software to make this manual process automated and easily extract data from scanned images and PDF files. Without Lagging, Docextractor processes a large volume of documents with 95%+ accuracy with the help of its AI and Machine Learning Algorithm of Docextractor.

With the help of Docextractor, Banks can directly process their Tax documents, Invoices, P&L documents, bank statements, and many more financial documents.

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