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Product Update: SMS TxN Extractor-The future of income proof and financial profiling

Product Update: SMS TxN Extractor-The future of income proof and financial profiling

With our continuous pursuit to help businesses reduce the blind spots in business metrics, we have come up with yet another feature that will prove to be the richest source of financial data, i.e SMS TxN Extractor. SMS was believed to be a dead market until people began to understand the reliability. Apart from the concept of reliability of SMS messaging, texts are quick, cost-effective and results can very quickly be analyzed. SMS Txn Extractor filters the transactional SMS’s from collection of SMS’s that we receive every day, to evaluate the user attributes that will be helpful to predict many different vectors such as – Purchase pattern, Financial profile, Income proof and Credit/insurance risk.

First, here’s a quick roundup of why you should use SMS TxN Extractor for your business, then we’ll head into some more detail about how we do it!

How would this help?

1) Helps one understand the purchase pattern: Transactional SMS captures beyond overall debit and credit. It can tell you about the usage and frequency of purchase of various products and services by extracting SMS’s from E-commerce, App-based cab, Mobile wallet, OTT etc.

2) Helps you understand the financial profile: Transactional SMS is a rich source of information. It can tell you regarding earning and spending patterns.

  • It’s a tedious, manual, and erroneous task to segment actionable financial profiles from bank statements.
  • Information on transactional SMS: Salary, cash withdrawal, utility expenses, e-commerce expenses, bank balance, number of bank accounts, delayed payments, etc.

3) Gives you information regarding credit & insurance risk vectors: Transactional SMS covers many more indicators beyond credit card and loan repayment delays.

  • Cheque bounce is not covered by most credit rating agencies, but SMS extractor captures this.
  • Delay or default in e-commerce, mobile bill, and other utility payments are not captured by credit rating agencies but SMS extractors can extract that information as well.

4) Inputs about the Income proof: NLP of transactional SMS provides real-time passive way of doing income proof for 100% of the population with bank accounts/mobile wallets.

  • Only 23% workforce is salaried and have income proof document.
  • Present income proof is mostly offline and a tedious process with high fraud risk.
  • Real-time bank statement checks with tools like Perfiose has 70% plus drop rates due to lack of trust in giving critical information also Perfiose can only give a view of the account the person has logged in.
How do we do it?
  • The transactional SMS’s from a whole lot of messages are filtered out.
  • Virtual passbook is created by applying ML algorithms to the messages. SMS transaction extractor solution applies its intelligence to categorize the messages into various expense types across products & services, purchase patterns, and credit & insurance risks.
  • Duplications are removed and filtered out.
  • If there are any incomplete values in the data, then they are filled.
Working snippets:

 

Percentage of Subscribers having different transactional messages –

 

Provision of displaying multiple bank Accounts-

Product Update: SMS TxN Extractor-The future of income proof and financial profiling Product Update: SMS TxN Extractor-The future of income proof and financial profiling

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