JPMorgan Chase has partnered with the fintech company Sensibill to embed its receipt management technology in the Chase mobile banking app.
When the integration is completed, JPMorgan's 38 million mobile app users will be able to take photos of their paper receipts from purchases. The Sensibill software will turn the those receipt images into machine-readable text and feed that information into the transaction activity views in the app. This could help JPMorgan customers identify the sometimes mysterious items on their monthly checking account and credit card statements, and help them categorize their spending and manage their expenses.
The partnership is an effort to provide that little something extra that might make a consumer choose one bank over another, as many bank apps look alike. Sensibill has other financial institution customers, including ScotiaBank and Quontic Bank. But this technology is not widespread.
In addition to providing an extra feature on mobile banking apps, Toronto-based Sensibill gives its bank clients detailed information about what their customers are doing with their money.
