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.
- 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.
- 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
- 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
- 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