Royal Bank of Scotland (RBS) and Sensibill have partnered to alleviate a major pain point for small business banking customers: receipt management.
Sensibill’s digital receipt solution will bring convenience to small business owners, allowing them to manage their cash flow, and streamline their administrative efficiencies directly from their mobile banking app.
The service—which will be available to all small business customers via their RBS mobile banking app in January 2018—will allow customers to scan their receipts using their iOS or Android camera. The receipts will be reconciled with card transactions held by the business, allowing users to track spending and categorize expenses for HMRC, as well as create reports for invoicing or accounting purposes.
This partnership sets the bar for how banks and financial technology companies can work together to better serve customers and address their needs.
“No bank can expect to thrive without listening to the evolving needs of customers, and by partnering with Sensibill, we’re offering proactive help and best-in-class innovation for free - allowing small businesses to spend less time on admin, and more time on what they do best,” said Marcelino Castrillo, managing director of business banking at NatWest/Royal Bank of Scotland.
Initial trials of Sensibill’s service indicated that 88% of small business banking customers found the app to be “good” or “very good”. As for how the service influenced customers’ perception of the bank, 78% of customers said that they would recommend NatWest if the bank offered the service in the future.
“It’s simple - if banks don’t service their customers’ needs, someone else will. Every time a customer uses a competing solution to solve their financial pain, customer loyalty erodes. This is especially relevant with open banking gaining momentum, and third-parties having access to customer information that was once in the bank’s custody. There has never been a more critical time for banks to invest in their customers and invest in services that will retain them,” said Corey Gross, CEO and Co-Founder at Sensibill.