Bank statements usually are in either printed or in digital forms, performing manual data collections can be tedious. Bautomate automates the first step of the process by scanning the documents and extracting the data such as name and account numbers using OCR.
The next step is data matching, once the data is extracted it needs to be matched with the records in the core banking system. Matching module compares data in documents with records in other databases.
The data needs to be reconciled once it is checked and confirmed. The reconciliation module performs data analysis, extracting matching data and then merging with data from other sources ensuring that all the data captured is correct.
The last step in the reconciliation process is to finetune the collected data which involves checking accuracy, removing incorrect data, and cleaning up data.
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