Retaining and managing paper receipts has been a cumbersome chore for many Canadians until now.
Toronto-based Sensibill says it will pilot its platform, “Receipts,” with Royal Bank of Canada, Bank of Nova Scotia, BMO Financial Group, and Tangerine Bank.
The banks expect to roll out Receipts in 2016. The service will enable partner banks to incorporate receipt management functionality into their existing digital banking applications. Sensibill’s platform provides banking customers insights into their purchases via elegant, intelligent receipts.
“In today’s environment, financial institutions are looking for opportunities to strengthen their relationships with their customers,” said Sensibill CEO, Corey Gross. “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.”
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.
“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.”