Sensibill, the only customer data platform designed specifically for the financial services industry, today announced the launch of its Invoice Extraction API. Sensibill has expanded its industry-leading extraction services beyond its Receipt Extraction API to include invoices, offering another source of customer data for financial services companies.
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.@getsensibill’s new Invoice Extraction API automates and streamlines invoice extraction for #smallbusinesses, while #finserv companies gain a deeper understanding of their customers’ expenses to support their personalization efforts.
Sensibill’s advanced invoice extraction solution enables small businesses to upload paper and digital invoices seamlessly and quickly. Unlike other options in the market, the process is completely automated, helping small businesses like accounting firms reduce errors, costs, and time of manual entry. The proprietary optical character recognition (OCR) and sophisticated machine-learning (ML) technology also categorizes, normalizes, and structures all key invoice fields, inclusive of over 150 data fields, including merchant, total, items, taxes, invoice number, due dates, amount dues, and more. As a result, financial services companies gain clean, structured outputs in industry standard formats, providing unprecedented insights into their small business customers’ psychographics, behaviors and needs.
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Craig Agulnek, Vice President of Product at Sensibill, said, “As we continue to expand the types of financial documents we analyze, new and exciting possibilities emerge for both us and our clients. With our best-in-class invoice extraction solution, which is built upon leading security and privacy standards, small businesses can streamline what has been a historically cumbersome process, making invoices easily understandable and categorizing them at the item-level in real-time. Not only does this boost efficiency and accuracy, but allows financial services companies to better understand their small business customers, ultimately contributing to revenue growth and a stronger competitive posture.”
Sensibill’s solution is lightweight, easy to integrate and developer-friendly; financial services companies don’t need technical backgrounds or expertise to start extracting invoices within minutes. Ideal for accounting and expense management providers, this solution scales across merchants of all sizes and supports various invoice formats. By streamlining and automating invoice extraction, these companies can eliminate manual data entry for their finance teams, reducing manual errors and increasing efficiencies. Companies can then use these insights to offer greater visibility into customers’ business expenses, further surfacing proactive savings, recommending additional products and services, helping them prepare for tax season, and more. Those that use both the Invoice and Receipt Extraction API can gain deeper insight into customer spend and personalize experiences at scale. Agulnek added, “The combination of these products makes personalization efforts attainable and achievable for any company.”
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