Amazon invented the “One-Click” checkout, 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, friction-less purchasing behavior is status-quo.
Minna Technologies is empowering banking customers to manage their subscriptions just as easily. Its technology enables banking clients to manage their full subscription spend frictionlessly within the native banking app environment.
Bringing the one-click to subscription management, Minna is making it as easy to manage as it is to buy subscriptions. It is as simple as View-Click-Remove, directly in the banking app.
The subscription industry is worth $650 billion and is predicted to grow to $1.5 trillion in the next five years. By 2023, Gartner predicts that 75% of all B2C businesses will offer subscriptions and so the universe of transactions is only growing.
While purchasing subscriptions is relatively frictionless- be it through an app store, over a website, or even directly in a physical location-managing the overall subscription payments remains disparate. Today, all payments originate from a bank account. Minna’s embedded banking technologies open the possibility for banks to ensure that where consumers pay is also where they manage subscriptions in a one-click, self-serve manner.
By empowering consumers to manage their money through a transparent and action-based front end, they are less likely to seek bank support. From identification to the “stop payment” of unwanted transactions, managing subscription transactions can be expensive for banks. From expensive call centers through to chargeback costs, releasing the burden of cost can support the bank’s bottom line.
“A consumer today has an average of 12 subscriptions, with up to 4 to 5 potential touchpoints for each merchant. What started as frictionless, recurring payments has turned into a web of transactions. By working with banks, Minna is making subscription management ‘one-click’ within the native banking app, allowing consumers to manage where they pay,” said Tiama Hanson-Drury, Chief Product Officer of Minna.
