Bank Statement Analysis

What our customer encountered?

Lost track of data during bank statement analysis due to extreme effort and manual revisions.
  • Inefficiency and increased effort due to the need to manually reconcile data.
  • Higher risk of errors and inaccuracies in the analysis process.
  • Delays in completing the analysis due to the time-consuming nature.
  • Difficulties in maintaining data integrity and consistency throughout the analysis.

The challenges resulted in

  • Inefficiency and increased effort due to the need to manually reconcile data.
  • Higher risk of errors and inaccuracies in the analysis process.
  • Delays in completing the analysis due to the time-consuming nature.
  • Difficulties in maintaining data integrity and consistency throughout the analysis.

What our customer needed?

An automated and streamlined approach for quick bank statement analysis that saves time, streamlines tasks, and provides accurate data collection.

The Solution

The bank implemented Marvel.ai, an AI-first, cloud-native business transformation engine, to modernize its bank statement processing. Marvel.ai applied advanced AI and machine learning to intelligently validate transactions, flag inconsistencies, and automate compliance checks. By orchestrating workflows across teams and providing real-time insights, it reduced manual effort, minimized errors, and accelerated decision-making, ensuring that the bank could meet all regulatory and operational requirements efficiently.

What we delivered?

  • Easy and accurate extraction of data from infinite pages of bank statements
  • Prompt decision-making based on extracted data from bank statements.
  • Timely performance reporting
  • Prevented data quality breaches during data transfer by tracking and automatically updating all revisions.

Benefits to the customers

15x

faster data extraction speeds up the process, resulting in reduced TAT.

90%

increased data accuracy

80%

improved data quality

Automated manual tasks, allows auditors to focus more on analysis.

Ready to Start Your Transformation Journey?

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