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 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subjective reviews or unpublished performance tests.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.