Royal Bank of Scotland announced its partnership with Sensibill, a Toronto-based company that provides receipt management solutions for financial institutions. Both companies see this partnership as a way to retain customers, while remaining competitive.

“It’s simple — if banks don’t service their customers’ needs, someone else will. Every time a customer uses a competing solution to solve their financial pain, customer loyalty erodes. This is especially relevant with open banking gaining momentum, and third-parties having access to customer information that was once in the bank’s custody,” said Corey Gross, CEO and co-founder at Sensibill. “There has never been a more critical time for banks to invest in their customers and invest in services that will retain them.”

This tool, which will officially be available in January 2018, will allow small business owners to scan receipts and manage data from those purchases straight from the RBS mobile banking app. In a statement, RBS and Sensibill say that they have already tested this project and that trials show 88 percent of small businesses rated the app as “good” or “very good.”

“No bank can expect to thrive without listening to the evolving needs of customers, and by partnering with Sensibill, we’re offering proactive help and best-in-class innovation for free – allowing small businesses to spend less time on admin, and more time on what they do best,” said Marcelino Castrillo, managing director of business banking at NatWest/Royal Bank of Scotland.

StartUp HERE Toronto is a publishing partner of Betakit and this article was originally published on their site.