How to Automate Data Extraction from Bank Statements

Using custom trained AI model

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In the world of accounting, document extraction from bank statements is an important task that ensures efficiency and accuracy in financial transactions. This is particularly important in an era where data is growing at an unprecedented rate and manual data entry is becoming increasingly inefficient.

In this tutorial we are going to learn how to automate the data extraction process from bank statements using custom trained AI models and automated table extraction.

Table Extraction

Bank statements are generally organized in a tabular format containing the financial transactions in a table along with unstructured text such as the address, bank name, statement period located at the beginning of the statement.

Bank statement example

An NLP model can be trained to automatically recognize and extract specific types of information from unstructured document such as amounts, dates, statement period and so on. However, it is not the most efficient use of time to train it on extracting organized tabular data. For this purpose, it is more efficient to use…