Amazon invented the “1-Click” checkout in 1999, giving their customers the ability to make purchases on the web with just a click of a button. Today, it’s merely a swipe and we live in a world where digital, frictionless purchasing behaviour is a status-quo.
From contactless payments to app store purchases, it is easier than ever to part with our money. However, managing money today remains a disparate and difficult experience, particularly in the subscription space, an industry worth $650 billion and predicted to grow to $1.5 trillion in the next five years.
We wanted to change that by bringing the ‘one-click’ simplicity to subscription management, empowering consumers to take action on their subscription transactions just as easily as they purchase, using a native, well-positioned and embedded experience within their trusted bank application – the go-to place for personal finance management.
How does it work?
It is as simple as View-Click-Remove, directly in the banking app while ensuring a completely secure and compliant process. The one-click action button can be added to any subscription-related transaction. This can be through the transaction overview, the transaction details page or any other page where transactions are being exposed to the customer.
What are the benefits?
By empowering consumers to manage their money through a transparent and action-based front end using self-serve, they are less likely to seek bank support to identify or stop unwanted transactions, often caused by getting in and out of free trials, auto-renewals, and subscription traps where people pay for subscriptions they aren’t aware they’ve agreed to and get trapped into a payment cycle.
From expensive call centres through to chargeback costs, releasing the burden of cost can help the bank’s bottom line. Additional benefits include:
- Help customers get insight and control of recurring payments
- Make it easy for customers to stop payments using self-serve
- Prevent subscription-related disputes and support calls
- Improve operational efficiency for your business
Don’t just take our word for it
Christian Fjestad, Head of Innovation, SpareBank1 – “As a bank, we work hard to create awareness and help our customers understand and control their everyday finances. By embedding third-party solutions like subscription management from Minna in our banking app, we enable our clients to act directly on the insights we provide. Our ambition is to do more than just creating awareness and overviews, we want to empower customers to go from insight to action directly – without having to leave our banking app. At the end of the day, real actions are what improve your personal economy. Growing trends like the subscription economy make it even more relevant to provide insight and services to manage the increasing number of automated purchases.”
Want to learn more about how your bank can harness the power of subscription management? Get in touch!