Capital One has teamed up with Minna Technologies to offer new subscription management tools directly in the bank’s mobile app. It enables credit card customers to view and manage subscriptions from major merchants, including leading streaming media, publishing and retail brands.
Through its partnership with embedded fintech company Minna, Capital One claims to be the first bank in the US to offer these tools to its customers, at no additional cost and located within its mobile app. It has also introduced the ability for eligible credit card customers to view and cancel recurring charges with select major merchants.
Minna Technologies works with subscription businesses, retail banks as well as fintechs, enabling consumers to view and manage their recurring subscriptions in one place – including pausing, accepting offers, changing plans and resubscribing.
It integrates with both banks and merchants for offering full-lifecycle subscription management directly within banking apps, enhancing customer engagement and reducing operational costs for both issuers and merchants.
Growing subscription economy
The subscription economy is set to reach a global market value of $1.5trillion by 2025. According to Minna’s latest subscription economy research, more than one third of US consumers (37 per cent) have increased their spend on subscriptions compared to 12 months ago.
Seventy-three per cent of subscribers express interest in using a single app to view and manage all their subscriptions in one place. Additionally, 61 per cent want the ability to manage subscriptions within their banking app, which 64 per cent of subscribers trust more than subscription platforms or app stores.
Managing money
Matt Knise, senior VP, Capital One, said: “Keeping track of recurring subscriptions and payments has become the new – and often burdensome – normal for consumers. Whether it’s keeping tabs on increasing costs or remembering all of the subscriptions you’ve signed up for, it’s clear that consumers need a better way to centralise and manage where their money goes – and partnering with Minna has allowed us to develop the tool to do just that.
“Being first to market with new spend management tools is a key part of our ongoing mission to provide our customers with financial clarity, simplicity, and security. Our newest suite of spend tools are just the latest example of how Capital One is here for customers, making it easy and secure to spend with total confidence and the convenience of managing it all in one place.”
Amanda Mesler, chair and CEO of Minna Technologies, said: “In a digital-first era and as part of the ongoing value exchange in the burgeoning subscription economy, it’s critical for banks and subscription businesses to empower customers with control, convenience and flexibility in viewing and managing their recurring spend.
“With the rise of recurring revenue models and regulatory developments highlighting the importance of protecting consumers’ interests in managing subscriptions, seamless subscription management is becoming ever more paramount – for banks, subscription businesses and subscribers.”
Capital One and Minna say they plan to continue to partner and innovate together to expand upon the experience.
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