As Martech Series reported, this new tool offers financial services companies a new source of customer data.
Sensibill says its solution lets small businesses upload paper and digital invoices quickly and seamlessly in an automated process not found anywhere else in its market, helping small businesses reduce error, costs and the time it would take for manual entries.
The company’s optical character recognition and machine learning technology categorizes, normalizes and structures key invoice fields — merchant, total, taxes, etc. — to give financial services companies insights into small business customers’ behaviors and needs.
“As we continue to expand the types of financial documents we analyze, new and exciting possibilities emerge for both us and our clients,” Sensibill Vice President of Product Craig Agulnek said in a blog post.
“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.”
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Read more: Sensibill Rolls Out New Tool For Automatic Receipt Extraction
The rollout of Sensibill’s invoice extraction API comes a little more than a year after the company’s receipt extraction API.
“The combination of these products makes personalization efforts attainable and achievable for any company,” Agulnek said.
Like this new product, that one is powered by multi-brain processing and uses multiple optical character recognition and machine learning to provide customers with accurate results.
The service can be used by businesses such as enterprise accounting offices to lower costs, while financial services companies, such as accounting software firms or personal finance management providers, can use the SKU-level data to personalize their services.
Sensibill CEO Corey Gross said at the time that there’s a “new urgency around cost savings, efficiencies, digital engagement and innovation in otherwise mature markets.”
