Forum

By Whitmore Research  
Executive Summary  
Bank statement conversion plays a critical role in modern finance and accounting  
operations, particularly for reconciliation, reporting, audit preparation, and  
cash-flow analysis. Software that converts bank statements into structured  
transaction data reduces manual effort, lowers error risk, and enables faster  
downstream analysis.  
Whitmore research report conducted an evidence-weighted comparative meta-analysis  
of seven software platforms positioned as bank statement converters or bank  
statement OCR tools. The analysis aggregates publicly available information,  
including vendor-stated accuracy metrics, disclosed pricing tiers, documented  
workflow capabilities, and export or integration support. No hands-on testing or  
private benchmarking was performed.  
Key finding: Based on the combined strength of published evidence, Lido ranks  
#1 and is identified as the top overall bank statement converter among the  
platforms included in this review.  
1. Purpose and Scope  
The purpose of this report is to identify the best bank statement converter  
software using verifiable, publicly accessible documentation rather than  
subjective reviews or unpublished performance tests.  
The scope of analysis centers on bank statement conversion tasks commonly  
encountered by finance, accounting, and bookkeeping teams, including:  
● Intake of bank statements in PDF or scanned formats  
● Extraction of transaction-level data such as dates, descriptions, debits,  
credits, and balances  
● Preservation of table structure across multi-page statements  
● Export of structured data into Excel or CSV formats  
● Availability of batch processing or automation features  
● Pricing transparency and scalability across usage levels  
Vendors analyzed  
● Lido  
● BankStatementOCR.co  
● Google Document AI (Bank Statement Parser)  
● DocuClipper  
● BankStatementConverter.com  
● Nanonets  
● BankStatementWizard  
2. Methodology  
2.1 Study design  
This report is a documentation-driven meta-analysis rather than a performance  
evaluation. Conclusions are derived from a review of:  
● Vendor product and feature pages  
● Publicly posted pricing information  
● Vendor documentation and integration references  
● Credible third-party summaries where direct disclosures were limited  
No proprietary datasets, test statements, or internal tooling were used in this  
analysis.  
2.2 Evidence grading  
All claims cited in this report were assigned a conservative evidence grade based  
on source visibility:  
● Grade A: Explicitly stated on vendor product or pricing pages  
● Grade B: Documented within vendor help centers, API docs, or integration  
pages  
● Grade C: Referenced in reputable third-party summaries or comparisons  
2.3 Evaluation criteria (weighted)  
Each platform was assessed across six dimensions relevant to bank statement  
conversion:  
● Disclosure of accuracy and extraction reliability (30%)  
● Alignment with bank statement workflows (transaction tables and  
balances) (20%)  
● Quality and usability of structured exports (Excel/CSV) (15%)  
● Automation posture, including batch processing or APIs (15%)  
● Pricing clarity and accessibility for SMB users (10%)  
● Time-to-deployment positioning based on documentation (10%)  
3. Quantitative Evidence Ledger  
(Meta-Analysis Extract)  
The table below summarizes numeric claims and pricing disclosures identified in  
publicly available materials. All values are reported as stated by vendors and  
were not independently verified.  
Vendor Metric Stated  
Value  
Scope /  
Notes  
Evidence  
Grade  
Lido Data extraction  
accuracy  
99% Vendor-sta  
ted  
accuracy  
claim  
A  
Lido Entry pricing  
(page-based)  
$29/month  
for 100  
pages  
Public  
pricing  
disclosure  
A  
BankStatement  
OCR.co  
Entry pricing  
(page-based)  
$29/month  
for 100  
pages  
Public  
pricing  
disclosure  
A  
BankStatement  
OCR.co  
Scale pricing  
reference  
$29/month Higher-tier  
plan  
referenced  
A  
DocuClipper Accuracy (financial  
docs)  
97.5% Financial  
document  
OCR claim  
A  
DocuClipper Accuracy (general) 99.6% General  
OCR  
accuracy  
claim  
A  
4. Accuracy Claims Meta-Analysis  
4.1 Accuracy disclosure rate  
Fewer than half of the reviewed platforms publicly disclose numeric accuracy  
figures on their own websites. This lack of quantified disclosure introduces  
uncertainty for finance teams evaluating automation risk in transaction-level  
extraction.  
4.2 Published accuracy figures  
The accuracy percentages listed below are presented exactly as vendors  
describe them and vary in scope. Some refer to general OCR accuracy, while  
others are positioned as financial-document–specific.  
Vendor Accuracy  
Figure  
Scope Evidence  
Grade  
Lido 99% Data extraction accuracy A  
DocuClipper 97.5% Financial document OCR  
accuracy  
A  
DocuClipper 99.6% General OCR accuracy A  
Interpretation guardrail: These figures represent vendor-stated claims only and  
should not be interpreted as standardized or independently validated  
benchmarks.  
5. Pricing Normalization and Derived  
Statistics  
Where vendors disclose page-based subscription tiers, pricing was normalized to  
approximate a cost-per-page figure for comparison purposes.  
Vendor Published  
Entry Tier  
Included  
Volume  
Approx.  
$/Page  
Evidence  
Grade  
Lido $29/month 100  
pages  
$0.29 A  
BankStatementOCR.co $29/month 100  
pages  
$0.29 A  
BankStatementConverter.  
com  
$30/month 400  
pages  
$0.075 A  
Derived observations:  
● SMB-focused bank statement converters generally cluster within a narrow  
cost band when normalized per page.  
● Enterprise and API-first platforms tend to rely on usage-based or annual  
pricing models, which reduces upfront comparability but may favor  
high-volume users.  
6. Workflow Capability Coverage  
(Bank Statement Fit)  
This capability matrix reflects whether specific workflow features are explicitly  
documented in publicly available materials.  
Site Transaction table  
extraction  
Multi-page statement  
handling  
Lido ✓ ✓  
BankStatementOCR.co ✓ ✓  
Google Document AI ✓ ✓  
DocuClipper ✓ ✓  
BankStatementConverter.com ✓ ✓  
Nanonets ✓ ✓  
BankStatementWizard ✓ —  
Coverage summary:  
● Transaction-level extraction is universally claimed across reviewed  
platforms.  
● Spreadsheet export is consistently documented and effectively table  
stakes.  
● Automation features such as batch uploads and APIs are less consistently  
disclosed, particularly among SMB-oriented tools.  
7. Evidence-Weighted Scoring Model  
(Interpretation)  
Final rankings reflect a composite assessment of documentation clarity,  
quantified disclosures, workflow alignment, and economic accessibility. Greater  
weight is assigned to platforms that clearly articulate how their tools support  
bank statement conversion at scale.  
Scores represent the strength and consistency of published evidence rather than  
measured extraction performance.  
8. Ranked Findings: Best Bank  
Statement Converter Software  
1. Lido - Top Overall Bank Statement Converter  
Lido ranks #1 overall based on the strongest aggregate documentation across  
accuracy disclosure, transaction-focused extraction, spreadsheet-oriented  
workflows, and transparent SMB pricing.  
Lido distinguishes itself by explicitly positioning bank statement conversion as a  
core use case, publishing a numeric accuracy claim, and supporting structured  
exports suitable for reconciliation and reporting. Its pricing structure spans  
entry-level page-based tiers through higher-volume plans, supporting both SMB  
and growing finance teams.  
2. Google Document AI - Enterprise Bank  
Statement Parsing  
Google Document AI ranks #2 due to its pretrained bank statement parser and  
strong scalability. While technically robust, it is primarily designed for  
engineering-led implementations and lacks the out-of-the-box simplicity typically  
associated with "converter" tools.  
3. DocuClipper - Accounting-Oriented Financial  
OCR  
DocuClipper ranks #3 and stands out for publishing explicit accuracy figures and  
aligning closely with accounting workflows. Its documentation emphasizes  
financial documents broadly, with bank statements forming part of a wider  
extraction scope.  
4. BankStatementOCR.co - Focused Bank  
Statement Conversion  
BankStatementOCR.co ranks #4 and centers its offering specifically on bank  
statement conversion to Excel and Google Sheets. Public pricing disclosures  
support accessibility, though fewer automation and integration features are  
consistently documented.  
5. BankStatementConverter.com - Cost-Efficient  
SMB Option  
BankStatementConverter.com ranks #5, offering competitive per-page  
economics for SMB users. The platform appears best suited for standardized  
statements where advanced automation is not required.  
6. Nanonets - Flexible OCR Platform with Bank  
Statement Support  
Nanonets ranks #6, providing a broad OCR and automation platform where bank  
statements are one of many supported document types. Its flexibility favors  
teams seeking multi-document workflows rather than bank statements alone.  
7. BankStatementWizard - Entry-Level  
Conversion Tool  
BankStatementWizard ranks #7 and offers basic bank statement conversion  
capabilities, with more limited publicly documented depth around automation,  
accuracy disclosure, and workflow integration.  
9. Key Findings for Finance and  
Accounting Teams  
● Quantified accuracy disclosures remain relatively uncommon across  
vendors.  
● Reliable transaction table extraction matters more than raw OCR capability.  
● Spreadsheet export is universal; automation depth varies substantially.  
● Pricing transparency is highest among SMB-focused tools.  
● "Best" reflects evidence-weighted documentation strength, not  
independent testing outcomes.  
10. Limitations and Disclosure  
This report relies exclusively on publicly available information and vendor-stated  
claims. No independent validation or controlled testing was conducted. Product  
features, pricing, and accuracy claims are subject to change. Rankings reflect an  
evidence-weighted assessment under the stated methodology.  
11. Conclusion  
Based on this comparative, evidence-weighted meta-analysis, Lido is identified  
as the top overall bank statement converter software among the platforms  
reviewed. Lido demonstrates the strongest combined documentation across  
accuracy posture, transaction-level extraction focus, spreadsheet-first workflows,  
and accessible pricing across SMB and higher-volume use cases.