Empowered by the evolution in open banking, Minna’s subscription management tool gives FinTech users more than just spending insights.
11 July 2022, London, UK – Minna Technologies, the embedded subscription management fintech solution, announced today at FinTech Week London that it is expanding into the fintech ecosystem as the industry seeks to tackle the cost of living crisis in the UK. By leveraging its open banking technology, Minna seeks to empower consumers to manage subscription spending wherever they are managing their money, adding fintech to that suite.
May 2022 saw the Consumer Prices Index (CPI) 9.1% higher than the year prior. Food inflation is at a 13-year high with UK domestic gas prices increased by 95% and domestic electricity prices by 54%. According to new research from the consumer group, more than 2 million households have missed a bill payment every month this year as people struggle to keep their heads above the water in the relentless cost of living crisis and consumers are going back to the whiteboard to investigate their spending. Six in 10 consumers said they had to make an adjustment – such as cutting back on essentials or dipping into savings – to cover essential spending.
Minna provides a frictionless subscription management solution within banking and fintech apps to help customers cancel unwanted subscriptions, as well as accept discount offers, pause, or change payment details, helping them to personalize how they pay for services, optimize subscription usage, and drive more conscientious consumption habits. Today, the average consumer has 11 subscriptions with over 20 per household.
James Bryce Lind, Head of Strategic Development at Minna Technologies notes: “Currently powering nine retail banks across Europe, including Lloyds, Halifax, and Royal Bank of Scotland in the UK, Minna seeks to widen our support for consumers by now empowering them to manage their subscriptions within their Fintech solutions as well. Today, 79% of UK consumers use fintech applications for banking and to pay for goods and services, with 99% of Gen-Z and 98% of millennials using a mobile banking app for everyday banking. Consumers want transparency in their spending in a consolidated and holistic view but moreover, they want the ability to take action within their banking app without having to pick up the phone. We are encouraged by the fintech ecosystem as they race to support UK households through this period by ensuring choice.”
Dr. Eloise Taysom, Head of Product at Bud notes: “Open Banking’s made information more accessible for organizations looking to help people navigate their financial lives and take informed action towards financial wellbeing. What many of these organizations find when they start on this journey is that, in reality, building more efficient, personalized services depends not just on having the data, but on being able to actually find useful information and insights about a person’s financial life from a tangled web of data points. This transactional intelligence is what’s driving a revolution that takes consumers from insight to action.”
Jan Van Vonnen – Head of Industry Strategy at Tink notes: ‘‘With the cost of living crisis, regulators including the FCA have called upon the financial industry to protect vulnerable consumers through this period. The promise of open banking has always been that of increased innovation, more choice, and transparency on costs. By offering better financial understanding, control, and advice the industry is helping to eradicate financial anxiety, drive improved financial health and help consumers make informed financial decisions.”
About Minna Technologies
Minna Technologies is a Swedish embedded fintech company established in 2016, that offers the world’s leading Subscription infrastructure currently integrated and available to more than 20 million people globally. The team at Minna is passionate about building the next generation of solutions to improve people’s lives. www.minnatechnologies.com
For more information contact:
Caroline Vaughan, Head of Communication and External Affairs
For interviews during FinTech Week London with any of the spokespeople, please contact Caroline Vaughan