4 AI-Powered Bank Statement Analyzers for MSME Lending

4 AI-Powered Bank Statement Analyzers for MSME Lending

India has over 6.3 milion MSMEs, with an unmet credit gap of 120 billion USD. According to 2024 Trans Union CIBIL report, only 2.5 million MSMEs have access to formal credit. MSMEs have a high demand for loans under 1 Lakh also known as small ticket loans. The lending process for such loans is often mired by traditional credit underwriting processes relying on credit histories and documentation such as Balance sheets, income statements, Cashflow statements etc.Lenders have adopted cutting edge AI fintech tools to streamline loan management for their loan products that follow the standard credit underwriting process. However, small ticket loans for MSMEs, come with unique and complex needs for credit underwriting. MSMEs have limited credit histories and prevalence of informal bookkeeping practices. This makes it difficult to provide the necessary documentation for lenders, especially for frequent, low-value transactions.

MSME lenders have to rely on year-long bank statements to analyze the financial health of their applicants. These bank statements run into hundreds of pages due to low-value transactions and often across different bank accounts. The credit operations teams of such lenders take an average of 1-2 days to analyze these bank statements. Therefore, MSME lenders need faster processing systems to address the underserved MSME segment. Here are 4 bank statement analyzers for MSME lenders, offering outstanding performance and superior reliability.

  1. Finuit

Finuit, the fintech division of Quantrium, is a growing fintech provider in India, building innovative, AI solutions for the global financial services industry. Finuit worked with small and regional MSME lenders to build their AI-powered Bank Statement Analyzer, a document intelligence tool that easily integrates into existing workflows. The Analyzer has a user-friendly interface, gleaning intelligence from bank statements as long as 200 pages within minutes. Their analyzer is customizable for the unique needs of MSME lenders and their credit underwriting processes. It derives cash flow stories of applicants by analyzing their bank statements across different bank accounts. It uses AI and NLP technologies to accurately extract data from bank statements of over 150+ different formats from all major National and regional banks of India. Their suite of intelligent document processing solutions for MSME lenders also includes Balance sheet analyzer, Cash flow statement analyzer, Income statement analyzer and ID verification tools to accelerate and streamline lending workflows.

Website: finuit.ai

Address:
NO: 37, 3rd Floor – Workafella (Room No: 311), TT Krishnamachari Road,
CIT Colony, Alwarpet,
Chennai, Tamil Nadu – 600 018.

  1. Perfios

Perfios is a global software solutions provider with expertise in software solutions for the BFSI sector in over 18 countries. They have a suite of data aggregation solutions for SME lending, that covers analysis of crucial documents such as Financial statement analysis, Bank statement analysis and GST documentation. They have data aggregation tools for consumer lending, Insurance and other BFSI segments. Established in 2008, their expertise and clientele has grown over the years to develop specialized services such as Fraud check and verification services, Obligation services, Income analysis for real time decisioning of creditworthiness.

Website: www.perfios.com

Address:
HM Vibha Towers, 5th Floor,
No.66/5-25, Hosur Road,
Above Star Bazaar, Adugodi,
Bangalore-560030

  1. Score solutions

A leading fintech provider in India, Score solutions offer paperless credit and analytics for BFSI institutions. Established in 2017, their clients are spread across India, with 6 new products launched over the past 3 years. They offer bank statement analysis alongside, GSTR, KYC, financial statement and legal data analysis for digital lending. Their SAMPAN tool is designed to simplify credit decisioning for MSME  by analyzing data available in public domains using PAN details of the applicant.

Website: www.scoreme.in

Address: 8th Floor Tower D, Pioneer Urban Square, Sector-62, Gurugram 122001

  1. Precisa

Precisa is a growing fintech provider in India that creates financial personas of entities from self submitted documents to enable access to finance for all. They offer bank statement analyzer, GSTR, credit report and account aggregator solutions, leveraging cloud based financial data analytics. They have support documents from 450+banks across 8 countries. They aim to democratize risk profiling for banks, NBFCs, wealth management and Insurance companies.

Website: precisa.in

Address:303, K L Accolade, Rd Number 6, T.P.S III,

Golibar,Santacruz East, Mumbai,

Maharashtra – 400055

GlobalLinker joins ONDC to transform the business of India’s MSMEs

GlobalLinker joins ONDC to transform the business of India’s MSMEs

Delhi, GlobalLinker, the leading digital networking community for small and medium-sized enterprises (SMEs), is thrilled to announce its strategic collaboration with the Open Network for Digital Commerce (ONDC), aiming to revolutionize the business landscape and unlock growth opportunities for millions of SMEs in India.

By joining the ONDC network through GlobalLinker, SMEs can expect a significant boost in orders, visibility, and market reach. In an era where confirmed orders are crucial for sustainability and growth, this collaboration will provide SMEs with the necessary tools and resources to thrive. These SMEs span across diverse industries including Electronics, Grocery, Home Decor among others. This offers buyers a wide array of options to choose from, thus significantly expanding their choices.

Renowned for its innovative solutions that ‘recognize,’ ‘connect,’ and ‘digitize’ SMEs, GlobalLinker has taken the next step forward by driving revenue opportunities for SMEs through this collaboration. As a seller network participant on the ONDC network, GlobalLinker will extend growth programs to its members, offering them unparalleled opportunities.

With a rapidly expanding community of over 400,000 SMEs from more than 150 countries, GlobalLinker provides rich Community and Commerce features. The partnership with ONDC offers immense potential for any SME to create their digital catalog and become ONDC enabled in less than 24 hours. This streamlined process empowers SMEs with new customers, increased orders, and a level playing field to compete with other sellers.

Initially focusing on domestic orders, this collaboration will expand to international markets once ONDC opens its doors globally. GlobalLinker currently facilitates export orders through the Indian Business Portal (www.indianbusinessportal.in), a platform developed in partnership with the Federation of Indian Export Organisations.

While this collaboration undoubtedly benefits SMEs, it also presents an exciting opportunity for large corporations, banks, and government bodies to partner with GlobalLinker and establish their ONDC-ready SME community. Embracing this solution enables organizations to harness the power of digital networking and capitalize on the immense potential of India’s SME sector.

“We’re super excited about GlobalLinker joining the ONDC community. The opportunities unlocked for MSMEs to rapidly integrate with ONDC through GlobalLinker to accelerate their business, and access a larger pool of opportunities and resources is truly exciting”, said T.Koshy, MD & CEO, ONDC.

“This collaboration with the ONDC network marks a significant milestone in our journey towards empowering SMEs and driving economic growth. We are thus elated to join the ONDC network as a seller app. This collaboration signifies a major step towards creating an inclusive and interconnected business ecosystem that will propel India’s economic growth.” said Sameer Vakil, Co-founder & CEO at GlobalLinker.

Media Contact – GlobalLinker

Malavika Jaggi

Ph: 9701274168

Email ID: malavika.jaggi@digivation.in