Bank statements have pages which list account holder names, numbers, transaction IDs, and lists of deposits and withdrawals. What is a bank statement?Ī bank statement is a financial document that contains a summary of transactions occurring during a given month which is sent to the account holder. The meaning of extract is to pull data from documents, structure, and organize information in a way that makes it easy to perform a financial audit or analysis. Definition of bank extractīank extract refers to data extracted from bank statements and processing them for the purpose of approving bank applications. In this post, we’ll discuss what bank extracts are, how they differ from bank statements, and which industries require them. Bank statement processing software is used by major organizations to verify client profiles and streamline customer onboarding processes.

Banks, NBFCs, and financial institutions get a huge inflow of customer applications which is why they use automated bank extraction software to derive key insights from them.

What does it mean to extract software