November 7, 2015
Solutions Provider Partners with a number of Canada’s Banks to revolutionize receipt management for digital banking
TORONTO - [Press Release] - Retaining and managing paper receipts has been a cumbersome chore for many Canadians until now. Sensibill Inc. (Sensibill), a premier solutions provider of digital receipt services announces it will pilot its best-in-class platform Receipts with RBC (Royal Bank of Canada), Bank of Nova Scotia (Scotiabank), BMO Financial Group, and Tangerine Bank (Tangerine). Partner banks expect to begin production with some aiming to roll out Receipts powered by Sensibill in 2016.
Sensibill Receipts will enable partner banks to incorporate receipt management functionality into their existing digital banking applications (apps). Sensibill’s unique platform provides banking customers insights into their purchases via elegant, intelligent receipts; where data from users’ receipts are translated into Sensibill's enhanced structure, improving legibility of receipt descriptions on a digital device. Sensibill’s user interface is optimized for iOS, Android enabled devices, Windows devices and desktops.
In today’s environment, financial institutions are looking for opportunities to strengthen their relationships with their customers, said Sensibill Founder & CEO, Corey Gross. It is critical that they keep pace with the expectations of today’s customer. Sensibill offers a win-win solution: it solves a burning pain point for the everyday customer, helping them capture and manage their transactions in an intuitive way.
A study from McKinsey & Company found that receipt management was ranked number one as the most important new service by customers across all major age brackets (McKinsey & Company, December 2014). Sensibill’s Receipts service will allow customers of partner banks to access and manage receipts from their respective banks’ mobile apps.
The platform combines Sensibill’s innovative technology with a user-friendly interface designed to deliver a simple and intuitive customer experience. Paper receipts are captured in the bank mobile app using Sensibill’s camera capture functionality. E-commerce and emailed receipts are auto-imported through electronic mail and then processed through Sensibill’s engine, which creates structured data from the receipt images’ unstructured text using powerful machine-learning algorithms. Once input into the platform, receipts enhanced with additional product information, warranty or return reminders, store information and more can then be matched to account transactions, enabling customers to conveniently retrieve and review information for expense reports, warranties, filing taxes, and accounting.
McKinsey & Company also found that bank profits might be eroded up to 60 per cent if they fail to maintain strong customer relationships (September 2015). Sensibill’s customer-focused solution is another way for banks to interact with their clients on a daily basis.
Receipts complement a shift in retail banking towards digital and enhanced customer experiences, said Gross. The Sensibill technology helps our partners provide their customers with an innovative digital banking solution that improve their everyday lives.
Sensibill was formed with the intention to make customers’ lives simpler. Sensibill’s Receipts platform enables purchase history to be managed through powerful searches, automated categorization and folders. Structured receipt data, down to each line item, supercharges personal financial management and makes consumer returns easy. Additional features include exporting for expense reporting or taxes, reminders for warranties & returns and price alerts.
Sensibill powers the world's most trusted financial institutions with receipt management functionality. Sensibill’s platform gives customers insight into their purchases via elegant, intelligent receipts, taking paper receipts and translating them into structured digital-friendly receipt data that are accessible from partner digital banking applications. Customers will never have to hunt for a receipt again. The Sensibill platform combines best-in-class technology with beautiful interface design to deliver an experience that creates consistent customer engagement for banking applications and transforms customers into advocates. For more on Sensibill visit.