Intelligent Receipt Management:
Interview with Sensibill
Small businesses and self-employed professionals spend on average 40-80 hours a year separating personal expenses from business expenses. Wouldn’t it be great if they could use that valuable time on something more meaningful? We caught up with the team at Sensibill who are aiming to put those lost hours back in the hands of the people and businesses who need them.
Sensibill have created an intelligent receipt management app that they offer through partnering with banks, who in turn provide Sensibill services through their mobile banking apps to make managing receipts as painless as it should be.
Who is Sensibill for and what problems does it solve?
The service is designed to meet the needs of self-employed professionals and small business owners, who struggle to stay on top of their receipts and, more broadly, their expenses. We did some research and found:
56% of small business owners and self-employed individuals cite administrative burdens as prohibitive to business growth.
Small businesses and the self-employed are 6-8X more likely to get audited by tax authorities.
Small businesses and the self-employed spend on average 40-80 hours a year separating personal expenses from business expenses.
30% of small business owners and self-employed professionals forfeit tax claims due to lost receipts.
Our digital receipt management solution is designed to solve for these pain points and allow the user to spend their time focusing on more important things.
Capture paper receipts effortlessly. We’ve designed the tool so that capturing a receipt is as easy as shoving it in your pocket.
Sync your inbox to automatically import electronic receipts for seamless receipt capture.
Match transactions to receipts for painless reconciliation.
Organise receipts under business or personal profiles, and categorise them by expense type.
Is there a ‘killer’ feature?
What makes our receipt management tool “killer” is that it lives within the banking ecosystem. By having receipt information live within a customer’s transaction history, receipts can be automatically reconciled to statements, making record keeping painless.
These use cases are applicable to the everyday consumer, but are particularly useful for business owners, who have more cumbersome receipt management needs.
Can you share any user metrics or milestones with us?
Since our app isn’t available on the app store, our active users are tied to our bank clients’ user numbers which are confidential. However, a case study with on our partner banks showed that:
There was a 23% adoption rate after launching;
Engaged users have an average of 49 monthly interactions with the app;
Users interest with the service twice as often as the mobile banking customer does with their mobile banking app.
Thanks to this growth we had one of the largest Series A rounds to come out of Canada, managing to raise over $17m in venture capital, as well as launching with Scotiabank, TD Bank, RBS, Ulster Bank and NatWest.
So your users love you, how do you appeal to banks to develop partnerships?
In an era where the customer relationship is increasingly fragmented, banking providers need to move beyond transactional relationships and a one-size-fits all approach. This segment is increasingly willing to shop around to have their unique needs met, so banks need to offer a specialised solution. Sensibill is that solution.
Banks can benefit from partnering with Sensibill because they can offer freelancers and small business owners the chance to spend less time on administrative tasks and more time growing their business.
On top of this, to ensure that banking customers are aware of the service and to encourage healthy adoption, we provide our partner banks with a marketing playbook, with suggestions for in-app intercepts, marketing copy, and other ways to inform customers how the service can help them.
What is your approach to app development
Our team is specialised in mobile-first design, so our solution is mobile-first. On top of this we stress the importance of designing for accessibility, our UX designers even wrote a blog post on the subject.
Our technology also uses artificial intelligence so the development period was, and still is, very complex. Training the model to understand receipts is extremely research-intensive. We must provide the machine with as many examples of paper receipts and email receipts as possible, label the receipts, and train them to understand what everything on a receipt means. The very nature of machine learning technology is that it’s continually developing; so, our development period is open-ended!
In terms of the “end”, our app is constantly being upgraded and improved, from UI to functionality. As we partner with more banks, we receive more feedback and ideas about how customers are using the tool and what features they’d like to see.
If you would like to find out more about Sensibill then click here to visit their website