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New Data Reveals On-the-Go Receipt Capture as the Next Big Mobile Banking Consumer Solution


Consumer spending data from digital receipts to bolster more customized mobile banking services.

Durham, NC, March 27, 2015 --(PR.com)-- Shoeboxed, a document management and receipt-tracking company, has released data confirming that mobile document capture is becoming a preferred method for financial management. The data suggests a potential market opportunity for banks that are searching for ways to bolster their consumer-facing mobile banking offerings.

After analyzing aggregate spending data from customer receipt records, as of March 2015, Shoeboxed saw:

-10.5 percent rise in mobile receipt submissions
-16 percent increase in the number of customers using the company's service solely through mobile
-27 percent drop in the usage of paper mail digitization offering

The lack of integrated receipt-capture within existing mobile banking platforms places banks in a unique position to fill a developing consumer need. Receipt capture can serve as a differentiator for banks, and as a convenient service benefit for consumers.

Purchasing data from receipts help banks enhance customer experience
Automatic extraction of receipt information like vendor name, itemized purchases and payment method provide banks with a wealth of data related to spending habits and trends. This information prepares banks to provide more personalized, integrated financial solutions that tailor to the unique needs of their banking customers. And, with 73 percent of banking customers seeking customized services according to a 2014 Ernst & Young survey, there is no better time to meet those demands. Examples of customer-oriented mobile banking services that are enabled by receipt data include:

-Matching receipts with bank transactions for itemized purchase history
-Warranty tracking and management
-Rebate tracking and management
-Fraud protection

Receipt capture offers financial clarity and ease of financial management
Mobile receipt data offer customers financial clarity by providing customers physical proof of detailed purchase history and spending habits. Knowing precisely what was purchased and being able to locate exactly where that receipt is gives banking customers peace of mind. This is especially beneficial in instances where proof of purchase is needed, such as warranties, merchandise returns or exchanges, expense reimbursements or tax deductions.

Since banking customers now have more options than ever, banks retain customers only by exceeding expectations and providing innovative, personalized mobile banking experiences. Working with companies that have already built these tools makes it easier for banks to stay ahead of the curve.

Shoeboxed’s receipt-tracking tools capture spending habits, including which credit cards customers’ use, where they shop and how they buy. Unlike most receipt capture services, Shoeboxed extracts the data so that customers can find and organize their spending behavior based on their individual preferences. By leveraging receipt data, banks can learn even more about their customers and tailor unique solutions that go above and beyond standard mobile banking expectations.

About Shoeboxed
Since 2007, Shoeboxed has been the preferred small business expense tracking solution for over one million users worldwide. The pioneers of cloud based receipt scanning, Shoeboxed saves people time, money and hassle by turning receipts into an organized, categorized, IRS-accepted archive of secure data. Shoeboxed offers a fully functional free plan, as well as premium plans that include a prepaid mail in service for physical receipts. Shoeboxed is based in Durham, North Carolina, and has growing offices in both San Francisco, California, and Sydney, Australia.

For more information, contact Claudia Amand at claudia@team.shoeboxed.com or 919-457-7611.
Contact Information
Shoeboxed
Claudia Amand
919-457-7611
Contact
shoeboxed.com

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