Bank Statement Data Extraction

Speed up application and verification processes with automated data extraction from bank statements.

Intelligent Solution to Automate Bank Statement Extraction

Process Bank Statement in Real-Time

No training needed. Set up your Bank Statement Extractor within 30 seconds and it takes only up to 8 seconds to process each statement regardless of the layouts.

Accuracy Powered by AI

FormX integrates NLP, ML, and LLM to ensure high data extraction accuracy. Moreover, we also perform pre-processing of images and post-processing of results to further increase the accuracy to minimize human intervention.

Privacy & Security

Protected by industry-leading security, FormX will not use or store any images or the extracted data to ensure data security and we work with clients to comply with local data privacy laws.

Simple API Integration

Easily integrate your Bank Statement Extractor with any app or software via a single point of API to incorporate automated data extraction into your verification or evaluation workflow.

Easy Customization

You can choose what data fields to extract and even create custom fields for your specific use case.

True Scalability with SaaS

FormX has a pay-per-use pricing model. You only pay for what you use and the cost depends on the volume of invoices that you have to process.

Incorporate Auto Data Extraction from Bank Statement Into Your Workflow

Application or verification processes often require bank statements to verify applicants’ address or evaluate their creditworthiness. See how different sectors integrate Bank Statement Extraction seamlessly into their workflows.

Customer Onboarding
Many financial institutions ask customers to provide a proof of address and bank statement is among the common accepted proof of address. Extract relevant data fields like issue date, address, and name of account holder to automatically automate address verification.
Real Estate/Loan/Mortgage Approval
A bank statement offers a detailed overview of an applicant's finances, helping financial institutions assess repayment capability and financial stability. FormX can extract the open and close balances and all transactions to facilitate the assessment.
Insurance Claims
To prevent fraudulent claims, insurance companies often require applicants to submit their bank statements. Eliminate tedious manual data entry to accelerate claims workflow and provide better customer experience with automated bank statement extraction.

Extract Important Fields from Invoices with OCR and AI

Step 1: Set Up Your Banks Statement Extractor

Use our pre-trained Bank Statement Extractor powered by ML and LLM and specify what items, such as account holder name, issue date, open balance, close balance, and all transactions.

Step 2: Test Bank Statement Extractor

After creating Bank Statement Extractor, you can upload sample bank statements and check the JSON output to make sure the results are accurate.

Step 3:Integrate FormX With Your Applications

Once you’re done, you can incorporate automated data extraction into your verification or application processes by integrating FormX with your software via API. If you want to get a csv file instead, you can use our Desktop APP for batch extraction.

Digitize Bank Statements with Minimal Setup Today!

Schedule a demo with us and learn more

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Extract Data from Bank Statement

FormX can extract all data fields needed for businesses to speed up address verification, loan approval, etc., to deliver excellent customer experience and prevent fraudulent claims.

  • Account info
  • Address
  • Bank name
  • Currency
  • Open balance
  • Account type
  • Close balance
  • Issue date
  • Name
  • Transactions

Frequently Asked Questions About Our Bank Statement Data Extraction

How does FormX bank statement data extraction work?

FormX leverages the latest AI technologies to turn images of bank statements into structured data formats like JSON or CSV, which can be directly used by all kinds of applications for further processing and analysis. This helps businesses to easily digitize bank statements and save hours of tedious manual data entry and minimize human errors.

Can FormX extract each transaction on the bank statement?

Yes, FormX can extract the information of each transaction such as the description, date, and amount.

What kinds of bank statements can be processed?

The problem with the traditional rule-based data extraction solutions cannot process bank statements with different layouts. FormX, on the other hand, can process all bank statements regardless of their layouts since it leverages AI technologies for it to identify relevant data fields, extract them, and turn them into structured formats.

What are the pricing plans of FormX?

FormX provides a free trial for users to test out our features and process the first 100 pages for free. For monthly subscription, our Starter plan costs USD $299 / month, allowing you to process up to 1,000 pages. For enterprises with more documents to process, you may contact our team for more detailed discussion.

Extract data from these documents
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Purchase Orders
Bank Statements
Contracts & Agreements
HR Forms & Applications
Shipping Orders & Delivery Notes
Loyalty Members Applications
Annual Reports
Business Certificates
Personnel Licenses
And much more!

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