How Sensibill is keeping banks from losing customers to FinTech startups

sensibill

The future of documents is a paperless one, and Sensibill, a Toronto-based startup, is dominating one important piece of document that most people have trouble keeping track of: the receipt.

Sensibill’s company seems straightforward enough. Its platform allows customers to access receipts directly from their bank accounts (Sensibill is partnered with all major banks). But speaking with The Disruptors co-host Amber Kanwar, Sensibill founder and CEO Corey Gross says this technology has been a long time in the making.

“There are a lot of applications that have been looking to get rid of the clutter and the paper, and for a long time, it was difficult to make that mobile solution very immediate because mobile phones weren’t as smart as they are now, the cameras not as capable to capture receipt data,” said Gross. “It takes a long time for infrastructure to catch up to these ideas.”

Rather than disrupting banks as many FinTech startups do, Sensibill is instead helping banks retain their customers. “Retention is a big deal, so how do you retain and engage customers? By offering them services like automatically categorizing their transactions by merchant category, by allowing them to export that data into familiar apps that they use for accounting,” said Gross. “As a small business, reconciliation with accounts itself is a big deal. That’s somewhere where you can’t go to a third party, you need a bank to help you do that.”

Watch the whole interview below:

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