Every day, financial services teams handle mountains of documents, and bank statements are often among the most painful.
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Our latest analysis shows that a typical mortgage application includes around 10 documents, usually made up of 4–5 bank statements, 5 payslips, and a few additional files such as tax returns. But for more complex cases - which make up the majority of a broker’s workload - that number rises to around 14 documents, and for the most detailed applications it can reach 25 or more.
As the average bank statement is five pages long with 75 individual transactions, that’s 450 transactions, plus all the account and balance information. So in all, there are many hundreds of data points per customer that need to be read and reviewed before an application can move forward.
And if you’re dealing with business accounts, it’s common to find statements that are 30, 50 or even 80 pages long!
For lenders, brokers, and compliance teams, this is more than an inconvenience, it’s a bottleneck. Manual review introduces delays, increases the risk of human error, and drags down conversion rates.
Sikoia turns this bottleneck into a breakthrough.
Our platform automatically ingests bank statements (and other supporting documents), extracts all relevant data with high accuracy, and transforms it into a structured format that’s ready for decisioning. Transactions are categorised instantly, anomalies flagged, and compliance-ready reports generated in moments.
By removing the friction from document processing, we help our clients:
When bank statements aren’t enough
Bank statements are a valuable source of insight - but they don’t always tell the whole story. Customers might submit incomplete statements, have missing pages, or omit certain accounts altogether. In other cases, the detail you need simply isn’t captured in the document.
That’s why Sikoia is built to layer multiple data sources. You can combine extracted bank statement data with Open Banking feeds, payslips, tax records, and other financial documents, all standardised into the same categorisation framework.
This layered approach means you can:
By processing and connecting multiple document types and data feeds, you get deeper insights, more confident decisioning, and a faster, more streamlined onboarding journey.
It’s time to turn document processing from a blocker into a business advantage.
Schedule a call to learn more about how Sikoia can help.
Sikoia Ltd is authorized and regulated by the Financial Conduct Authority (FCA) as an Account Information Service Provider (AISP) under the Payment Services Regulations 2017 (FRN: 942979) and as a credit reference provider (FRN: 942616). Sikoia Ltd is a credit broker and not a lender. Credit is subject to status.
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