Have you ever received an ad for a credit card you already have? Has your own bank tried to make you a mortgage customer when you already are one? Us too!
We are bombarded with ads from banks, lenders, and insurance companies. These ads are poorly targeted and fill our inbox with clutter and spam, along with the countless mismatched ads we see on Facebook and Instagram. Banks have become impersonal in how they target new and existing customers, creating a disconnect between what a customer actually needs and the financial products they are offered. In any business, you have to know your customer to serve them well. Banks have lost this key tenant of customer retention in their product-first approach.
“Buying a house or refinancing isn’t just an impersonal transaction, it’s a life event for most American families,” said Senofer Mendoza, General Partner at Mendoza Ventures “The customer experience is key in building stronger relationships, and better outcomes for all with those customers – this is where Senso can help. ”
Enter Senso.ai, a Toronto based, AI Fintech that has proven out their technology with some of the largest Canadian banks. Targeting those largest life events first, like purchasing a home, Senso is using predictive insights to proactively improve the customer experience months in advance to retain mortgage customers. This is an important asset to have in the current refinancing boom. Their Senso Score is helping improve ad targeting to retain customers and help predict when clients are going to switch banks, or even need a product that their current bank already offers.
Senso provides insights for 30% of the Canadian mortgage market, and Senso Scores are quickly being recognized as an industry standard.
They have identified millions in new earning opportunities for banks that were previously losing their own customers, saving them from having to go out to market, and burn through customer acquisition costs to recapture their own audience.
“Mendoza Ventures couldn’t have come at a better time for us. Their financial commitment combined with their vast network in both the US technology and financial services space is fueling our growth into the US market to solve a problem which every financial institution needs right now due to a spike in activity across their marketing channels.” Said Saroop Bharwani, CEO and Cofounder at Senso “We are thankful to have the Mendoza Ventures team by our side throughout this one in a lifetime journey to build the future client experience in the financial services space.”
“The Senso vision is larger than just a banking relationship; it extends to helping with any financial customer experience.” Said Adrian Mendoza, General Partner at Mendoza Ventures “Now more than ever, working with customers and their families is key to the success of any business, especially in these unprecedented times.”
Senso’s Series Seed II was led by Mendoza Ventures and includes participation from Breakaway Growth (Silicon Valley), Luge Capital (Toronto), Rising Tide (Silicon Valley) and Innovia (Toronto). Mendoza Ventures built a syndicate of fintech focused funds to advance Senso’s products into the US market as well as further grow their customer base in Canada.
