Royal Bank of Scotland will add receipt management services to its mobile banking app courtesy of a new partnership with FinovateFall Best of Show winner Sensibill. The service will be made available to RBS’s business banking customers in January 2018, giving iOS and Android users alike the ability to scan physical receipts with their mobile device. Small business owners benefit from a streamlined process that reconciles scanned receipts with card transactions, tracks and categorizes spending, and builds reports for invoicing and accounting.
“Every time a customer uses a competing solution to solve their financial pain, customer loyalty erodes,” Sensibill CEO and co-founder Corey Gross warned. He pointed to new challenges from the rise of open banking and innovative fintechs, adding “there has never been a more critical time for banks to invest in their customers and invest in services that will retain them.”
Left to right: Sensibill’s Jamie Alexander (CTO and Co-Founder) and Corey Gross (CEO and Co-Founder) demonstrating Pulse at FinovateFall 2017.
“No bank can expect to thrive without listening to the evolving needs of customers,” added Marcelino Castrillo, MD of business banking at NatWest/Royal Bank of Scotland, “and by partnering with Sensibill, we’re offering proactive help and best-in-class innovation for free.”
Sensibill’s white-label solution makes it easy to capture, track, and manage e-commerce and paper receipts. Users designate whether or not the purchase is personal or business, and use folders and notes to provide context as to what the purchase is for. From there, Sensibill’s technology extracts key purchase data from the receipt. “Not only do we extract (the) merchant name, date, and total, we decipher all of the 150+ unique data points that can be found on receipts, down to the item and SKU-level details,” Gross explained. “Simply put, nobody is better at structuring receipt data than Sensibill.”
Founded in 2013 and headquartered in Toronto, Ontario, Canada, Sensibill demonstrated its Pulse solution at FinovateFall 2017, winning Best of Show. Pulse provides financial institutions with the customer insights they need in order to become and remain top-of-wallet. Built on Sensibill’s item-level data, Pulse helps FIs spot new revenue opportunities, target incentives, and develop targeted prospect lists for in-app campaigns.
Sensibill has raised more than $18 million in funding. The company has 62 employees in the United States and Canada. Earlier this year, Sensibill – in partnership with Scotiabank – won the Best of FinXTech Award for its eReceipts solution.