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Fridays With Fintechs: How I Became the Receipts Guy

January 16, 2018 Financial No Comments Email Email

They call me the Receipts Guy. I’ve been championing digital receipts since 2010, spurred by own contempt for paper receipts. They clutter your wallet when you don’t need them, and get lost or fade unintelligibly when you do need them. They’re such a hassle that people willingly take tax hits to avoid managing them altogether.

I wanted to change that. At the time, I was working with retailers and point-of-sale providers, but they were slower to adopt e-receipts than I had hoped. Rather than waiting for the market to catch up, I launched Sensibill in 2013 to put consumers in control of capturing their receipts using their smartphone camera.

The challenge with getting end-users to adopt new technology is convincing them that changing their behavior will have an immediate and clear payoff. In other words, Sensibill couldn’t just digitize an existing process for managing receipts – it had to make saving, filing, retrieving them significantly easier. Enjoyable, even. Receipt management couldn’t just be faster, we had to make it magical.

That’s why with Sensibill, a user can capture piles of receipts in seconds and rely on the platform to automatically categorize, itemize and organize them. It’s offered as a feature in mobile banking apps to meet the needs of consumers who are already comfortable managing their finances digitally. Not to mention, who already trust their banks, and turn to them for financial help. Being part of the banking ecosystem also makes the tool easy to find, secure to use, and reduces the friction associated with having to manage a third-party app.

Consumers who use Sensibill have said that they benefit from seeing their spending patterns more transparently, and being able to reconcile statements and back up tax claims painlessly. More than just another app or ad-hoc solution, Sensibill gives banks another way to offer consumers the insights they need to improve their overall financial wellbeing.

Strengthening relationships with forward-looking banks is part of the reason we joined the Mastercard Start Path program. Like Mastercard, we believe that banks are at the heart and soul of finance and will remain the best source of knowledge for people who are managing their money. By working with Start Path on connecting with more banks around the world, we’ll be able to scale our solution and make receipt management a great experience again for consumers everywhere.

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