New Platform, New Insights on CU Member Behavior

A Toronto-based financial tool provider released two new solutions to give credit unions deeper insights into member spending and long-term financial actions.

This week, Sensibill announced its Sensibill Platform featuring Spend Manager and Spend Insights, a mobile or web-based tool that members can use to track everyday spending and build better financial habits.

According to a statement from the company, “The Sensibill Platform bridges the gap between everyday spend and long-term financial wellness, providing financial institutions with the deep data and insights they need to nurture financially resilient customers that bank with them for life.” The statement continued, “With the Sensibill Platform, banks and credit unions can dive beneath the surface of customer data, right down to the SKU-level, to better understand their customers and finally get personalization right.”

Spend Manager allows members to track expenses to build better financial habits. “The solution delivers instant achievements and individual, behavior-based tips, creating strong incentives for users to share more receipts to receive personalized recommendations that support them across every life stage and their unique financial needs,” the company said.

Spend Insights goes even deeper into purchasing data using AI and machine learning technology to analyze SKU-level information from the Spend Manager program. “Spend Insights combines a customer’s receipt and transaction data, then aggregates and analyzes the information through sophisticated models to determine custom segments, revealing key insights into life stages, lifestyles, psychographics, brand loyalties, behaviors and values,” the company said in a statement.

Credit unions will be able to study the data from the Sensibill Platform to create a better view of what members need for their lives and financial well-being. The organizations said they believe credit unions will be better empowered to help members “save money and optimize their everyday spend by tracking their transactions, gathering insights into warranties and returns, categorizing purchases based on spend, optimizing budgets and bulk purchase suggestions, providing tax tips and much more.”

“Sensibill is empowering institutions of all sizes to harness SKU-level data to offer personalized experiences and recommendations that help make customers’ hard-earned money go further,” explained Corey Gross, co-founder and CEO of Sensibill. “The time to act is now — by better contextualizing the transaction-level data they already have with SKU-level insights, institutions can help their customers make smarter financial decisions. Those that do will retain loyalty and expand market share while making financial wellness more attainable for all.”