Royal Bank of Scotland Pilots Sensibill Receipts Solutions for Small Business Banking Clients

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1 CASE STUDY Royal Bank of Scotland Pilots Sensibill Receipts Solutions for Small Business Banking Clients PROBLEMS SME customers need help with cash flow management & administrative efficiencies RBS wanted to offer value-added, innovative services SOLUTION Receipt capture & storage Automatic transaction matching Export for expense reporting WHY SENSIBILL? Uniquely built for banks Best-in-class receipt capture & data extraction SDKs & APIs for quick implementation (~2 days) RESULTS 100% found transaction matching useful 88% had a positive experience with service 85% said they would use service in future 78% said they would recommend bank because of innovative service 75% said they would stay with the bank because of innovative service

2 INTRO Making it easier for small business owners to run their business is a top engagement & retention driver for banks. Small-to-Medium enterprises (SMEs) represent a meaningful portion (15%) of banking revenue pools, yet banks fail to address most of their major pain points. Our partner bank, Royal Bank of Scotland (RBS), set out to solve their pain points by piloting a full-service business banking solution, which included Sensibill s Receipts solution. A soft launch was conducted with a select group of SME customers to solicit feedback about Sensibill s service prior to full commercial rollout. Our vision is to become the one place for small business customers to understand and manage their cash flows. RBS PROBLEMS Small businesses aren t easy to run and require time-consuming administrative work. Most small business owners don t use advanced tools to manage their business expenses they file their receipts away in a file drawer, and pass everything off to their bookkeeper or accountant. RBS saw an opportunity to digitize the process, boost administrative efficiencies and keep their customers engaged within their bank s ecosystem. Their goal was to make cash flows and expense management easy with an innovative and sticky digital offering. They found that their SME customer base needed help with: Watching, managing and understanding spending Keeping track of expenses Cash flow forecasting and guidance THE SOLUTION To satisfy SME customers needs, the bank trialled over 25 technology vendors through a bidding process to solve for 5 major problem areas: Receipt Storing Spending Invoicing Forecasting Funding Copyright 2017 Sensibill Inc. 2

3 Sensibill was chosen to address the receipt storing and spending functionalities, specifically. Our solution allowed their SME banking customers to capture, upload and categorize their receipts. For enhanced searchability, our solution enabled item-level search, as well as the organization of receipts into folders. We also enabled transaction matching, which makes for quick and easy reconciliation. Finally, our solution allowed customers to export their receipt data so that it can be uploaded to their accounting software, spreadsheets, or to submit expense reports. The idea was that by addressing these pain points, SME customers would boost the bank s Net Promoter Score (NPS), attract new small business banking customers and drive revenue as customers become increasingly willing to pay for additional business services. Why Sensibill? We looked all over the world for the best receipt management solution for our small business customers. When we met Sensibill, we felt that they demonstrated a high level of care for both the technology and the customer and that includes the bank as well as our end users. We were very pleased with their willingness to work closely with our teams to ensure we built the best solution. -Digital Lead at RBS Our solution was chosen from a group of 25 competing vendors for several reasons. For starters, beyond employing industry leading Optical Character Recognition (OCR), we use Machine Learning for added accuracy and scalability when extracting and structuring receipt data. No other competitor in the space does this and we ve solidified our position as market leaders in enterprise-scale receipt solutions. This established expertise, along with our fully white-labeled SaaS was a big differentiator. Our solution was built by enterprise services specialists and FinServ pioneers, which means it s built bank-tough, adhering to the bank s high security and compliance standards. DAY 1 DAY 2 What stood out most about Sensibill was their ability to get a large-scale solution to market fast. Being small means that we can innovate to suit our banking partners needs, respond to their requests and get to market very quickly. Our accelerants full-suite SDKs and easy-to-integrate APIs also expedited the implementation process. To further ensure timely delivery and a successful launch, we sent a project team to the bank s offices, getting hands on with integration. The result? A fully functioning prototype up and running in under 2 days. Copyright 2017 Sensibill Inc. 3

4 RESULTS, RETURN ON INVESTMENT & FUTURE PLANS [Sensibill s Receipts Service] adds outstanding strength to our proposition and business. Head of Digital at RBS The bank recruited a third party firm to research and analyze the customers experience with Sensibill s service. They found the following: Measurable impact on administrative efficiencies When asked how it helped, 67% of users agreed the service made it easier for them to manage their expenses, and 65% said it made them feel more in control of their finances. Setting up a system that works for their specific business needs was important. 67% 67% of users agreed the service made it easier to manage their expenses. Using folders to organize expenses was seen as useful by 62% of users. In particular, it helped them identify where expenses typically occurred, serving as a major value-add for business owners who struggle with understanding their categorical spend and budgeting. For those with a more haphazard approach to receipting, use of the service positively nudged behaviours in favour of those that allowed for more efficient expense management. An increase in customer adoption & engagement RBS measures customer engagement by the number of actions performed on the banking app during a period of time. Copyright 2017 Sensibill Inc. 4

5 30% INCREASE in banking app login during the trail After Sensibill s soft launch, there was a 30% increase in banking app logins and on average, participants used the service over 20 times per month. 87% of users found that capturing paper receipts with their mobile device was a useful feature for managing cash flow. 76% of users identified transaction matching as a critically beneficial feature for streamlining their bookkeeping processes. 88% 75% 78% of users had an extremely positive experience with the service of users said they would stay with the bank because of the service of users said they would recommend the bank because of the service Overall, 88% of users were extremely positive about their experience with RBS service. 75% of users said they would stay with the bank because of RBS receipt management service, and 78% of users said they would recommend the bank because of the service. Unlocked revenue opportunities Ultimately, it s the bottom line that counts, and the research group found that RBS service was worth paying for according to the bank s business customers. Copyright 2017 Sensibill Inc. 5

6 51% of users said they would pay specifically for receipt capture and transaction matching functionalities. The study determined that customers willingness to pay for Sensibill s receipt management service as well as the positive word-of-mouth would drive new customer acquisition and additional revenue. Brand perception got a boost In digital banking, there s been a lag in development for small business services. As a result, SME customers are the most likely to switch banks if their needs aren t being met. In light of this, it was important for the partner bank to be seen as forward-thinking and innovative to small business banking customers. Following Sensibill s soft launch, users had an extremely positive impression of the RBS brand and its ability to solve SME customers pain points. 74% of users felt Sensibill s service was uniquely beneficial to business banking customers, and made them feel more understood by their bank. Over all, Sensibill s easy-to-use service proved to be an effective way to give small business banking customers the control they needed when managing their cash flow and expenses. Copyright 2017 Sensibill Inc. 6