Experiences matter. We anticipate them, we expect them, and when they happen, we don’t always appreciate them.
But today is different …
We know it, and we’re excited to announce that Senso has received a US $3M investment from an incredible syndicate of leaders spanning Toronto, Montreal, Boston, and Silicon Valley. We raised this financing round in the middle of the pandemic, and the strong conviction which this amazing group of tech and banking experts have in our vision and team validates the significance of the journey which my Cofounder, Nick Seelert, and I embarked on just three years ago.
Nick and I connected in the heart of the Toronto tech community, and we quickly realized that we had a common passion for the future we wanted to build. Not only in business — but in our lives and the world around us. We both grew up writing code, but as I always say to people, ‘We’re the perfect founder match — I look above the command line, and he looks below it’.
Nick is a data master, and together, we share a tight vision of aggregating the scattered and unstructured data of the world into simple and accessible endpoints to create meaningful and contextual experiences that matter, particularly within traditional industries racing to digitally transform themselves.
Timing is everything, and just like the 2008 financial crisis spawned the birth of some incredible direct-to-consumer startups which are recognized as major brands and utilities in our daily lives today, so will the COVID-19 pandemic. Just like Uber and Instagram were only possible after the invention and launch of AWS (2006), the iPhone (2007), 4G (2009), the creation of future tech giants will be built on AI, 5G, AR/VR, and the beneficiaries will be the day-to-day consumers who interact with their banks, insurance companies, mortgage lenders, and internet service providers.
We’ve all had banking experiences which have felt out of place — an offer for a credit card which doesn’t make sense, or the time, frustration and endless paperwork which usually comes with getting a mortgage. Have you ever wondered why it takes approximately 45 days to close a mortgage? This is a task which, for the most part, requires the collection of data about you — your credit, your employment records, your spending patterns, etc.
The challenge is putting all of these scattered, disparate pieces of data together in one place, providing a more holistic, and informed viewpoint. Perhaps more importantly, making it accessible in a way which provides greater insight, and which protects consumer information and ensures their data privacy. If someone took it upon themselves to undertake this difficult task, not only would it save us all time, but it would also unlock a tremendous amount of value, some of which could be distributed back to the consumer in the form of lower debt repayments. Amazon strives to offer their customers the lowest possible prices, selection, and utmost convenience, and we believe that leading banks of the future will do the same by better understanding and creating experiences that matter most to their clients, which builds stronger loyalty and increases profitability at the same time.
Until this shift happens, retention in banking and mortgage loans will continue to remain at historic lows. I am personally days away from switching banks myself, and yes, there are a number of actions which they can still take to retain my business. Perhaps if they got to know me as a person — a father, husband, community leader and business entrepreneur and not a persona or transactional data point, we’d have a stronger, more supportive relationship.
I’ve learned not to get my expectations too high, but instead, Nick, I and the team at Senso are focused and committed to building a company which solves this very problem for myself and millions of others.
This is what Senso is all about.
What excites us is a world where every consumer feels like they have a personal and fully digital relationship with their banks because internal teams have a better understanding of their client, with ubiquitous access to the right data, at the right time, to make decisions about what experiences are best for me right now vs. what was relevant to me six-months ago. The experience we imagine is one where we can all get approved for a mortgage with the best rate, instantly.
At the heart of it, most financial institutions and lenders still utilize limited data about their clients. Limited data that impacts the very world and future of real people, families and businesses. We don’t just see ourselves as a predictive intelligence startup, but a change agent.
One that’s needed now more than ever when consumers are demanding their banks to more proactively understand how to serve them better by predicting whether they will need a refinance, a new home, or a loan forgiveness extension.
We connect data, people, and plans within these large organizations to transform tasks which usually take weeks, into minutes, providing teams with dynamic, collaborative, and intelligent insights which will drive meaningful moments of interactions which matter. To date, we’ve identified millions in additional earnings for our customers, while providing consumers with an instant and proactive experience which prevents them from looking elsewhere in the market because their bank proactively understood their needs and attended to them when they needed it.
We’re excited to help every household in Canada feel better about their banking relationship through the use of the Senso platform, which came at the exact right time. And now with our new round of funding, we look to support and help transform the banking, finance and mortgage loans experiences within the U.S.
Nick and I are proud of our stellar Senso team for their relentless effort to turn scattered data into meaningful experiences — everyday.
These are the experiences which we care about, and these are the moments we’re working hard for, to create a shared and equal future for everyone, everywhere.
~ Saroop and Nick
Connect and learn more about Senso.ai.
Follow us on Twitter at @GoSenso
Saroop Bhawani — @saroopbharwani
Nick Seelert — @slerts
About Senso
Senso is a Toronto-based Fintech AI company which transforms fragmented data into meaningful interactions to improve loyalty and profitability. Senso’s products help financial institutions strengthen client relationships using a scalable approach to seamlessly embed predictive intelligence into sales and marketing workflows. Its cloud-based data infrastructure platform anonymously analyzes first- and third-party data and generates predictive insights about every consumer in the market. This helps financial institutions allocate their marketing budgets proactively, manage inbound channel capacity, and proactively service their clients to enhance client retention and increase profitability. For more information, visit www.senso.ai.
