Manually assessing data from the Bank Statement PDFs is a strenuous and time-consuming process. Automated Bank Statement Analysis tools on Precisa allow its users to extract the data and categorise them and facilitate more detailed segregation from the bank statements.
Why Do We Need a Category View?
Different public and private banks have various formats and do not have specific standards for abbreviations or narrations of the transaction history. Therefore, it can be challenging to interpret these layouts and categorize the transactions.
However, the transaction data is key to bank statement analysis. It can give insight into the customer’s spending patterns and risk factors about sanctioning a loan. Unfortunately, manually assessing these transactions and structuring data from unstructured text is challenging and time-consuming and often prone to errors.
Category View for Inflow and Outflow on Precisa
Precisa already analyzes the Inflow and Outflow by detecting the transaction formats using the abbreviations and narrations from all bank accounts automatically and placing them under categories.
This feature has now expanded its categories by adding 51 outflow and 35 inflow categories.
- Loan – New Loan, EMI Return, Loan Repayment
- Investment Proceeds
- Insurance Benefits – Insurance claims, Pension & Annuities
- Cash & ATM Deposits
- Reverse Sweep
- Transfer from Self
- Inward Funds Transfer – Cheque, NEFT, IMPS, UPI, RTGS, NACH, Netbanking/ Third Party Transfer, INFT, Mobile, Foreign Remittance
- Charges Reversed
- Outward Funds Transfer Return – Cheque Return, NEFT Return, IMPS Return, UPI Return, RTGS Return, NACH Return, Netbanking Return, INFT Return, Mobile Return, Foreign Remittance Return
- Utilities – Electricity, Telecom, Water, Fuel
- Tax Paid
- Loan – EMI, other loan payments
- Charges & fees – Bank charges, Minimum balance charged, Foreign exchange charges, Locker rent, Non-banking charges
- Office Expenses
- Health & Wellness – Healthcare, Fitness
- Consumer Products
- Debit Card Payments
- Credit Card Bill Payments
- Cash & ATM Withdrawals
- Investments – Term Deposits, Mutual Funds, Equity, Debt, Other Investments
- Penalty & Fines
- Transfer to Self
- Outward Funds Transfer – Cheque, NEFT, IMPS, UPI, RTGS, NACH, Netbanking/ Third Party Transfer, INFT, Mobile, Foreign Remittance
- Inward Funds Transfer Return – Cheque Return, NEFT Return, IMPS Return, UPI Return, RTGS Return, NACH Return, Netbanking Return, INFT Return, Mobile Return, Foreign Remittance Return
Added Benefits of the Category View
These categories can be filtered and viewed by Precisa users for a more detailed and focused analysis. For instance, users can view their monthly expenses by applying the filter and assess their outflow and inflow.
The categories are helpful to verify the inflow and outflow, predict risks from lending or procuring a loan and be aware of the liabilities. It also helps users to monitor their expenses personally and plan their finances.