— CHAPTER 03 —
What We Do
— The Sensibill Solution —
The Sensibill Platform bridges the gap between everyday spend and long-term financial wellness, empowering financial institutions with the deepest levels of spend data and insights, beyond the traditional transaction-level data currently available, that are needed to nurture financially resilient customers that bank with them for life.
Spend Manager:
Solving everyday problems
for end-user
With Spend Manager, Sensibill makes tracking everyday expenses quicker and easier, helping end-users build healthier financial habits. The solution delivers instant achievements and individual, behavior-based tips to create strong incentives for users to share more receipts. Users then receive personalized recommendations that support them across every life stage and unique financial need. Download our Beta App to begin testing now!
With Sensibill, banks and credit unions can proactively help customers save money and optimize their everyday spend by tracking their transactions, collecting insights into warranties and returns, categorizing purchases as well as providing personalized tips and insights based on individual’s spend (e.g., tax tips), optimizing budgets and bulk purchase suggestions, and much more.
Sensibill eliminates the headache and hassle of paper receipts and makes handling and managing them simpler and more meaningful. With the solution, users can digitize receipt management within their existing digital banking app, simplifying and modernizing a traditionally cumbersome experience.
With Sensibill, customers save time dedicated to managing and analyzing physical receipts and save costs that were once lost to unfulfilled warranties or postponed exchanges.
Spend Insights:
Providing unprecedented insights to financial institutions
With the Sensibill Platform, banks and credit unions can go beneath the surface of customer data, down to the SKU-level, to better understand their customers.
Built on advanced AI and machine learning-driven technology, Spend Insights combines a customer’s receipt and transaction data, then aggregates and analyzes the information through models to determine custom segments, revealing key insights into life stages, lifestyles, psychographics, brand loyalties, behaviours, values, and urgent financial needs.
Sensibill has access to the deepest level of purchase-level data available, enabling them to uncover insights faster and more accurately than anyone else.
Sensibill can use customers’ data to determine segments, helping institutions personalize relevant products and services. This level of segmentation enables banks and credit unions to create and execute more sophisticated and effective targeted marketing and communication campaigns, ultimately strengthening overall digital engagement and customer loyalty.
Institutions can use their data and the SKU-level insights provided by Sensibill to help their customers make smarter and healthier financial decisions. This ultimately grows loyalty and market share while making financial wellness attainable for all.
— The Beta App —
During your first week, you will gain access to the Sensibill Beta App sent to you via email. You can begin to scan and upload your receipts right away. You will also need access to the Beta App to submit any expenses. Should you have any questions about the Beta App, please post in the #ask-product channel on Slack.
Customers
Digital Banking Partners
(“Partners”)
Large digital banking providers who sell into Tier 2-4 banks and credit unions. FIS and NCR provide Sensibill’s receipt solution through their business services app to thousands of small and medium sized banking institutions. These Tier 2-4 banks then enable the receipt capture and management features to their end-users.
Retail Banks
(“Clients”)
Tier 1-2 banks and challenger banks, in Personal or Small Business, Premier. Chase Mobile (USA), Natwest Group (UK), and Alterna Savings provide Sensibill’s receipt capture and management services, by directly integrating it within their own mobile banking applications.
Technology Companies
(“TechCos”)
Small fintech or SME software companies needing receipt data extraction. Sensibill’s receipt data also provides significant value to tech companies such as Caddle and Aya Payments. Utilizing receipt capture and data extraction to provide end-users with purchase rebates, promotion offers, price matching, and provide a streamlined process for users to input insurance and benefit claims.
— Value to Customers —
Alternative sources of data for banks
Since this solution lives within the bank’s ecosystem, our partners receive rich purchase data about their customers. Purchase data offers insight into customer’s lifestyle and preferences, which can be used to target marketing efforts and cross-sell/up-sell products.
Helps banks meaningfully engage and capture a booming segment
The self-employed segment has been growing 6x faster than traditional employment. Still, it remains fundamentally underserved by financial institutions. Solutions like Receipts allows banks to acquire and retain the loyalty of this segment by addressing their unique needs.
We build products that reveal insights into everyday spend that can be used to truly personalize financial services.
— End Users —
Consumers
Track return and warranties, track spend against budgets, save tax receipts, automatically reconcile receipts.
Self-Employed
Maximize tax deductions, track expenses, send expense reports, automatically reconcile expenses.
Small Businesses
Maximize tax deductions, track expenses, automatically reconcile receipts, create an audit trail.
Value to end-users
Preservation
Secure mobile banking apps also ensure that files are kept safe, with no fading or tearing, for as long as you need them.
No manual data entry
AI-powered technology means that relevant information is extracted from the receipt so that customers don’t have to manually enter their information for expense reports, accounting, and more.
Audit-proof
They can easily search for and export receipts to back up their claims in case of an audit.
Warranties and Returns
Customers can track return windows, and get money back on big-ticket items that break under warranty.
Visibility into Spend
Adds context to mystery transactions so customers can see where their money is going for improved budgeting.
On-The-Go Accessibility
Customers’ receipts go where they go. They can be accessed anytime, anywhere by simply logging into their mobile banking app.
— Geo Markets —
-
United States
Primary market for new product development and prototyping. Continued operational support and attention for receipt data extraction improvements.
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Canada
Secondary market with product attention mainly on receipts. Continued operational support and attention for receipt data extraction improvements.
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United Kingdom
Secondary market with product attention mainly on receipts. Continued operational support and attention for receipt data extraction improvements.
— Key Messaging —
Our hopes, goals, and dreams aren't one-size-fits-all, so why should our financial services be?
At Sensibill, we're working to make financial services personal—you could say, more human. We build products that reveal insights into everyday spend that can be used to truly personalize financial services. And in doing so, help people achieve their unique version of financial wellness.
And we’re well on our way, reaching over 60 million people worldwide partnering with over 100 customers.
