Underwriting teams often deal with piles of financial documents every day. Reviewing bank statements, invoices, and reports takes hours and leaves plenty of room for human error.
When data must be typed and verified manually, the process becomes slow and repetitive, delaying funding decisions. These challenges can make it hard for funders to move deals forward quickly and confidently.
Bank statement scanning software helps you read, organize, and scrub data from bank statements in seconds.
In this article, we’ll look at five bank statement scanning software options that make underwriting faster, simpler, and more accurate for funders.
What Is Automated Bank Statement Processing?
Automated bank statement processing helps funders handle financial data faster and more accurately.
It’s a system that collects and reads bank statements, then matches each item with your internal accounting records.
Instead of spending hours on manual data entry, the system automatically identifies transaction details like deposits, withdrawals, and fees.
You can set predefined rules to process and verify bank statements in your preferred format, so everything flows smoothly into your system.
With direct integration, your data fields are updated in real time, helping you track business cash flow with high accuracy.
The system can also store reports and statements in cloud storage, making them easy to access anytime. Once it’s set up, there’s little to no manual configuration needed.
What Is Bank Statement Scanning Software?
Bank statement scanning software helps funders handle financial documents more easily by turning paper or digital statements into usable data.
It’s built to convert PDF bank statements and other files into digital text that can be stored, searched, and reviewed quickly.
The tool uses advanced optical character recognition (OCR) to read and digitize printed or handwritten information.
Once scanned, it can automate data extraction by identifying relevant data such as account numbers, transaction dates, and balances.
You can also process different document formats, including credit card statements and reports from various financial institutions.
For funders handling high volumes of client statements, this tool makes bank document processing and fraud detection faster, cleaner, and much more organized.
5 Bank Statement Scanning Software for Underwriters
Bank statement scanning software helps underwriting teams turn financial data into ready-to-use insights. Let's look at the top 5 choices:
1. Heron
Heron is an automation platform built for MCA funders and brokers who want to make quicker funding decisions without hiring more staff.
It goes beyond simple bank statement scanning by reviewing full applications, organizing supporting documents, and analyzing financial data automatically.
Heron processes PDFs, CSVs, scanned statements, and other business files to give you a complete view of each client’s financial position.
This financial workflow automation platform gives you clear insights into a client’s financial health, helping you approve deals faster and with more confidence.
Key Features
- Bank statement processing - Accepts PDF, CSV, and scanned documents, parses data automatically, and completes reviews in less than a minute
- Accurate data scrubbing - Cleans and structures bank statement data with more than 99% accuracy to reduce manual checking
- Instant financial insights - Analyzes income, expenses, and cash flow to show true financial health and help funders make confident decisions
- Smart integration - Connects with your financial CRM, LMS, AMS, and more, to export financial data and keep records organized across your funding workflow
- Collaborative dashboard - Let teams review, edit, and categorize data in real time for transparent and accurate evaluations
- Automatic checks - Flags missing or suspicious entries, giving underwriters reliable data before funding decisions
- Scalable system - Handles any number of applications, helping brokers and funders manage growth without adding more work
2. Parsio
Parsio is a data extraction software that automates the process of converting bank or credit card statements into structured formats such as Excel, CSV, JSON, or Google Sheets.
It uses OCR technology and deep learning models to capture information from both standard and customized statements.
Users can upload documents manually, through API, or by forwarding them via email attachments. Once processed, data can be sent to over 6,000 applications using its integration capabilities.
Key Features
- Fast data extraction - Extracts data from PDF files and scanned images in about five seconds using advanced OCR technology
- Versatile OCR parser - Recognizes handwritten and printed text in various languages and formats for accurate data capture
- Data normalization - Applies custom rules to organize extracted information and keep databases structured
- Integration capabilities - Connects parsed data to over 6,000 tools, allowing real-time synchronization across systems
- Security and reliability - Protects data with GDPR compliance, enterprise-level security standards, and a 99.95% uptime rate
3. Klippa
Klippa DocHorizon is an AI-powered data extraction software that reads and processes financial documents, such as bank statements. It uses OCR and machine learning to pull structured data from both digital and scanned files.
The system finds important financial details such as balances, transaction dates, and amounts, then converts them into easy-to-use formats like JSON, CSV, or Excel.
It supports different languages and document layouts, so it’s a good fit for teams that work with bank statements from multiple regions.
Key Features
- AI-powered OCR - Uses artificial intelligence to read data from digital and scanned bank statements with high accuracy
- Multi-format support - Works with files like PDF, DOCX, XLSX, PNG, and JPG, and exports the data as JSON, CSV, XML, or Excel
- Data validation - Automatically checks for missing or incorrect details and flags possible errors or fraud
- Seamless integration - Connects easily with other systems through API or SDK for smooth data transfer
- Data protection - Keeps information private and compliant by not storing processed data and hosting services securely within the EU
4. ProperSoft
ProperConvert is a desktop-based data extraction software for converting bank and credit card statements into formats compatible with accounting systems. It processes files directly on a user’s computer, keeping all data private and offline.
The tool extracts transaction data from PDFs, Excel sheets, CSVs, and several financial file formats like QBO, QFX, OFX, and QIF.
Once extracted, it converts these transactions into files that can be imported into QuickBooks, Quicken, Xero, Sage, Wave, and other accounting applications.
Key Features
- Multi-format extraction - Extracts transactions from PDFs, Excel, CSV, QBO, QFX, OFX, QIF, and MT940 files for both bank and credit card statements
- Offline data processing - Runs directly on Windows or Mac computers, allowing private conversion without uploading data to external servers
- Accounting software compatibility - Converts files into formats supported by QuickBooks, Quicken, Xero, Sage, Wave, and other accounting tools
- Custom conversion options - Allows users to rename payees, adjust categories, and modify date or number formats during file conversion
- Transaction management - Supports editing, combining, or separating statements and reviewing data before import to maintain accurate records
5. DocuClipper
DocuClipper is a financial data extraction tool that uses OCR technology to process documents like bank statements, invoices, receipts, and balance sheets.
It turns scanned or digital files into structured data formats such as CSV or Excel, ready to import into accounting software.
The tool focuses on accuracy and can handle both simple and complex financial documents. It also keeps data safe with SOC 2 compliance and 256-bit encryption.
Key Features
- Bank statement extraction - Turns scanned and digital bank statements into structured formats for Excel and accounting systems
- Invoice and receipt parsing - Pulls detailed line items and transaction data from PDF invoices and receipts automatically
- Multi-document support - Works with tax forms, P&L statements, balance sheets, and other financial records for complete data processing
- Integration options - Exports data in custom formats and connects with accounting, ERP, and CRM systems
- Data security - Keeps information safe using SOC 2 standards and AES 256-bit encryption
What Does Bank Statement Scanning Software Offer Underwriting Teams?
Bank statement scanning software helps underwriting teams process client information faster and with fewer mistakes. Let's discuss in detail what this software really offers your team:
Faster And More Accurate Bank Statement Data Capture
With OCR-powered data extraction, the software can accurately extract data from bank statements without typing it manually.
It recognizes numbers, dates, and descriptions from scanned documents, saving time and improving accuracy. This helps your underwriters focus on reviewing creditworthiness instead of sorting through paperwork.
Smarter Risk Analysis With Automation
Machine learning algorithms help improve data quality by recognizing trends and patterns in financial behavior.
As the software processes more statements, it becomes better at identifying what’s normal and what might need a closer look. This makes it easier for underwriters to spot inconsistencies in cash flow or spending habits that could signal risk.
The same technology supports fraud detection by comparing data across multiple bank accounts and transactions. If something looks off, such as duplicate entries or unusual deposits, the system can highlight it for review.
Easier Integration And Export
You can export data directly into your financial systems for credit scoring, reporting, or record-keeping without extra steps.
The software connects smoothly with your existing tools, allowing your team to move information between platforms without losing accuracy. By creating parsing rules, you can define how the system reads different formats and organizes the information you need most.
This makes it simple to align data from different sources, whether you’re reviewing transactions from various accounts or comparing business performance over time.
Turn Bank Statements Into Instant Insights with Heron
Heron helps funders cut review time and gain instant visibility into client finances. Its bank statement scanning feature turns complex files into structured data that your underwriting team can use right away.
You can upload bank and credit card statements in PDF formats or other data formats, and Heron will clean, organize, and extract the data automatically. The system identifies key data points such as deposits, withdrawals, and account balances in seconds.
Heron supports many document types, so you can do bulk processing easily. It also lets you set your own custom parsing rules to match your underwriting needs.
You can also connect Heron to your ERP systems for seamless integration, keeping your workflow consistent and efficient.
With strong data protection and simple initial setup, Heron gives your team a secure, scalable way to process financial data.
FAQs About Bank Statement Scanning Software
What is the app that scans bank statements?
An app that scans bank statements reads and extracts key information like dates, amounts, and transaction details. These apps use financial data extraction to convert scanned or digital statements into editable formats that can be used in accounting software or Google Sheets.
Heron is a good example as it automatically cleans, organizes, and scrubs data from bank and credit card statements, giving funders quick and accurate insights into client finances.
Can ChatGPT analyze a bank statement?
ChatGPT can help explain or summarize the information in a bank statement if the data is provided, but it doesn’t automatically extract or process the document.
For actual data extraction or analysis, you’d need specialized tools designed for bank statement reconciliation or data import.
What software is used to verify bank statements?
Software used to verify bank statements checks if the information matches records in other financial documents. It helps detect errors or fraud by comparing transaction data with accounting entries during bank statement reconciliation.
How does a bank statement extraction software differ from bank statement scanning software?
A bank statement scanning tool only reads and digitizes the document, while the best bank statement extraction software also interprets the data.
It can extract values in multiple languages, organize them, and export the results into systems like accounting software or Google Sheets for further use.
